ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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WASTAGE see SCRAP.
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FAIR MARKET VALUE is the price at which a willing seller will sell and a willing buyer will buy, in an arms- length transaction, when neither is under compulsion to sell or buy and both have reasonable knowledge of relevant facts.
VET, VETTED, VETTING is to make a careful and critical examination of someone or something, e.g. a person prior to employment.