SUCCESSOR AUDITOR Definition

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SUCCESSOR AUDITOR is the auditor of a client for the current year when that client had another auditor in prior years. The auditor who no longer audits  that client is the predecessor auditor.

Learn new Accounting Terms

LOSS LEADER is a featured article of merchandise sold at a loss in order to draw customers.

UNALLOCATED COSTS represents corporate costs not associated either directly or indirectly in providing a product or service for sale. Unallocated costs are not included in the calculation of COST OF GOODS SOLD.

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