ACCOUNTING EVENT Definition

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ACCOUNTING EVENT is when the assets and liabilities of a business increase/decrease or when there are changes in owners equity.

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NIFO is Next-In, First-Out.

OTHER EXPENSES/(INCOME) includes: miscellaneous other income and expenses (net), such as interest expense, miscellaneous expenses not included in general and administrative expenses, netted against recoveries, interest income, dividends received and miscellaneous income.

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