LOC Definition

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LOC see Letter of Credit.

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EXCEPT FOR is a qualified opinion. An auditor can qualify the audit opinion for both departures from U.S. GAAP in the financial statements and restrictions on the scope of the audit. The opinion paragraph of the qualified report is worded "In our opinion, except for..."

INVENTORY TAG is a tag attached to inventory items that identifies the inventory items to aid in counting the physical inventory.

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