ACCOUNTING DIVERSITY Definition

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ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

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LMA, among others, is an acronym for Lease Management Agreement, Local Marketing Agreement or Legal Marketing Association.

STANDARD COST is production or operating cost that is carefully predetermined. A standard cost is a target cost that should be attained. The standard cost is compared with the actual cost in order to measure the performance of a given costing department or operation. See STANDARD COST SYSTEM.

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