SAME STORE SALES Definition

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SAME STORE SALES is used when analyzing the retail industry. It compares sales in stores which have been open for a year or more.

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PREDECESSOR AUDITOR is the auditor of a client for a prior year who no longer audits that client.

EXTRAORDINARY ITEMS are material items that are unusual in nature and occur infrequently. Both characteristics must exist for an item to be classified as an extraordinary item on the income statement.

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