ASSURANCE ENGAGEMENT Definition

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ASSURANCE ENGAGEMENT is an engagement in which an accountant issues a report
designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).

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COST OF SALES see COST OF GOODS SOLD.

INVENTORY PROFITS is a capital-gains-like element in profits. It results from an increase in inventory prices.

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