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For-Profit Entity

An entity, weather organized in a corporate form or otherwise, that is engaged in profit-making activities including commercial, industrial, financial,...

Profit-Oriented Entity

An entity, weather organized in a corporate form or otherwise, that is engaged in profit-making activities including commercial, industrial, financial,...

Rebuttable Presumption

An accounting rule that an entity applies to govern specific classification and measurement considerations in all cases, excluding a substantiated...

Cooling-Off Period

A period of time during which an accounting/ audit firm has to maintain the rule of independence when a member...

Process Costing

A cost accounting method whereby an entity determines and accumulates direct costs, and allocates indirect costs of a production process...

Allowance

A contra asset or an amount to be deducted from an asset account to reflect a particular situation or fact,...

Primary Currency

The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

Accounting Currency

The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

Reporting Currency

The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

Presentation Currency

The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...