SETOFF Definition

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SETOFF is the discharge of a debt by setting against it a distinct claim in favor of the debtor.

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ACTUAL COST is the amount paid for an asset; not its retail value, market value or insurance value.

STRATIFY is to arrange a population or a sample in distinct layers. Stratified sampling is used in auditing to select a greater percentage of accounts with high balances than of accounts with low balances.

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