CREDIT LINE Definition

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CREDIT LINE is the maximum credit that a customer is allowed.

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REPORTABLE CONDITION is a matter coming to the auditor's attention relating to SIGNIFICANT DEFICIENCIES in the design or operation of the entitys internal control that could ADVERSLY AFFECT an entity's ability to fulfill future obligations with customers and/or the satisfaction of liabilities.

CLOSELY HELD is a description of a corporation whose voting stock is owned by a very small number of shareholders.

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