CUMULATIVE PREFERRED STOCK Definition

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CUMULATIVE PREFERRED STOCK is preferred stock which gives holder a right to dividends if they have not been paid in a given year.

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ATTORNEY'S LETTER is signed by the client's lawyer and addressed to the auditor It is the auditor's primary means to corroborate information furnished by management about litigation, claims, and assessments.

TRANSACTION EXPOSURE, in foreign exchange, is the possibility of incurring exchange gains or losses on transactions already entered into and denominated in a foreign currency. It is typified by real exchange gains or losses and mixes retrospective and prospective views. It is short-term in nature.

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