MAKER Definition

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MAKER is a. the producer of a product, or, b. the person who signs a check or promissory note, which makes him/her responsible for payment.

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MANAGEMENT LETTER identifies issues not required to be disclosed in the Annual Financial Report but represent the auditors concerns and suggestions noted during the audit.

DIRECT EXPENSE is that portion of expense that is directly expended in providing a product or service for sale and is included in the calculation of COST OF GOODS SOLD, e.g. labor and inventory.

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