GENERAL PARTNERSHIP Definition

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GENERAL PARTNERSHIP is one or more partners who are jointly and severally responsible or liable for the debts of the partnership.

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VOLUME GAIN is to obtain advantages due to increase in volume, such as value increase, points in gross margin or profit.

INTERNAL AUDITOR is an auditor who works directly for a company auditing its activities throughout the year. Internal auditors of corporations are often not certified auditors, though they usually have significant accounting experience. They should report directly to the board of directors of the corporation.

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