AccSEC Definition

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AccSEC is Accounting Standards Executive Committee.

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EXCISE TAX is a tax imposed by federal, state, and local governments on an act, occupation, privilege, manufacture, sale, or consumption that is not deductible (e.g., tobacco, gasoline and spirits). This term is in increasing usage to describe almost every tax other than income tax and property tax.

INCORRECT ACCEPTANCE, in accounting, is the risk the sample supports the conclusion that the recorded balance is not materially misstated when it is materially misstated.

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