ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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IMPAIRMENT OF VALUE Definition
IMPAIRMENT OF VALUE is the permanent decline in the value of an asset. The entry is to debit the loss account and credit the asset for the loss in utility. See also FRS 11.
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AUXILIARY JOURNAL is a journal in which accounting information is stored both before and after the transfer to the General Ledger.
COGM is Cost Of Goods Manufactured. See COST OF GOODS SOLD.