CUT-OFF Definition

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CUT-OFF is designating a point of termination. An auditor uses tests of cutoff to obtain evidence that transactions for each year are included in the financial statements of the appropriate year.

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CONVERTIBLE DEBT is a debt instrument which can be exercised into the security of the debtor in accordance with the conditions set forth in the debt instrument.

ACCRUED PAYROLL is a liability arising from employees salary expense that has been incurred but not paid.

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