STRATIFY Definition

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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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UNABSORBED COSTS occurs when the cost structure does not fully reflect all variable and/or fixed costs.

FUTURES CONTRACT is an agreement to buy or sell a specific amount of a commodity or financial instrument at a specified price on a specified future date. Futures con­tracts are traded on a commodity exchange and used both for speculation and hedging.

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