LINE ITEM Definition

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LINE ITEM is one item from a group of many items, e.g. one inventory item from the list of all inventoried items or one budgeted item from a financial budget.

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INTERNAL REVENUE, if governmental, is money collected by a government through taxes and levies on facilities, income, sales of goods and services, transfers of property, and other specified domestic transactions.

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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