EARNINGS FROM OPERATIONS Definition

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EARNINGS FROM OPERATIONS (EFO) represent earnings before other operating items less (i) depreciation and amortization plus (ii) other income less (iii) other expense.

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MORTGAGE BOND is a bond in which the issuer has granted the bondholders a lien against the pledged assets.

PREDECESSOR AUDITOR is the auditor of a client for a prior year who no longer audits that client.

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