ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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IPO (INITIAL PUBLIC OFFERING) is the first or primary offering of stock to the public.
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DUTY is a tax imposed by a customs authority on imported goods. Often used interchangeably with the term "tariff."
INDUCTIVE ACCOUNTING THEORY (scientific method) assumes accounting standards are somewhat like evolution of a species in nature --- survival of the fittest. It relies heavily upon controlled experimentation (e.g., behavioral accounting research) and statistical testing (e.g., capital markets "events" studies of the impact of accounting information on market prices and volume of transactions).