ASB Definition

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ASB see ACCOUNTING STANDARDS BOARD.

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AVERAGE COST METHOD is using a weighted average cost for items in inventory rather than actual cost for each specific item.

CONTROL ENVIRONMENT is the attitude, awareness, and actions of the board, management, owners, and others about the importance of control. This includes integrity and ethical rules, commitment to competence, board or audit committee participation, organizational structure, assignment of authority and responsibility, and human resource policies and practices.

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