DOWN PAYMENT Definition

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DOWN PAYMENT is a partial payment made at the time of purchase; the balance to be paid later as stipulated by contract; written or oral.

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ORGANIZATIONAL STRUCTURE is the delineation of responsibilities, authorities and relations organized in such a way as to enable an organization to perform its functions.

INSPECT / INSPECTION, during an audit, is to scrutinize or critically examine a document. As part of a CPA firm's quality control system, a procedure to monitor the effectiveness of the system.

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