STABLE MONETARY UNIT CONCEPT Definition

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STABLE MONETARY UNIT CONCEPT allows accountants to ignore the effect of inflation in the accounting records.

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WRITE-DOWN is the reduction in the book value of an asset.

SEPARATE VALUATION CONCEPT is a recording and measurement rule that relates to the determination of the aggregate amount of any item. In order to determine the aggregate amount of an asset or a liability, each individual asset or liability that comprises the aggregate must be determined separately. This is important because material items may reflect different economic circumstances. There must be a review of each material item to comply with the appropriate accounting standards.

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