ACTUAL CASH VALUE Definition

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ACTUAL CASH VALUE (ACV) is the common method of determining the amount of reimbursement for a loss. Normally calculated by determining what it will cost to replace an item at the time of loss after subtracting depreciation.

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ENTITY BOUNDARY is that which is legally included within or excluded from a defined entity.

MONETARY UNIT is the unit used to measure economic activity (e.g., U.S. $).

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