ACRS Definition

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ACRS is Accelarted Cost Recovery System.

Learn new Accounting Terms

INTERNAL AUDITOR is an auditor who works directly for a company auditing its activities throughout the year. Internal auditors of corporations are often not certified auditors, though they usually have significant accounting experience. They should report directly to the board of directors of the corporation.

BENEFIT PERIOD is the projected useful life time period over which an asset will be productive.

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