ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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DISCOUNT FOR LACK OF CONTROL Definition
DISCOUNT FOR THE LACK OF CONTROL is an amount or percentage deducted from the pro rata share of value of one hundred percent (100%) of an equity interest in a business to reflect the absence of some or all of the powers of control.
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COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.
PERPETUAL INVENTORY is an inventory accounting system whereby book inventory is kept in continuous agreement with stock on hand. A daily record is maintained of the dollar amount and physical quantity. There are periodic physical inventories taken to reconcile at short intervals.