OUT-OF-P0CKET Definition

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OUT-OF-P0CKET are expenses requiring an outlay of cash in a given time period, e.g., payroll, advertising and other operating expenses, but not depreciation.

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CATS is Certificate of Accrual on Treasury Securities; a zero ­coupon bond created by stripping Treasury bonds.

AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

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