ADMINISTRATIVE/ADMINISTRATION COST Definition

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ADMINISTRATIVE/ADMINISTRATION COST see INDIRECT COST.

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PEER REVIEW, in accounting, is a practice monitoring program in which the audit documentation of one CPA firm is periodically reviewed by independent partners of other firms to determine that it conforms to the standards of the profession.

ENTITY CONCEPT is the concept that financial accounting and reporting relates only to the activities of a specific business entity and not to the activities of the owners of that entity.

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