AXIOM Definition

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AXIOM, generally, it is a saying that is widely accepted on its own merits; in logic, it is a proposition that is not susceptible of proof or disproof; its truth is assumed to be self-evident.

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APPROPRIATE / APPROPRIATED / APPROPRIATION is distribution of net income to various accounts and / or the allocation of retained earnings for a designated purpose, e.g. plant expansion.

COST ELEMENT, in cost accounting, is the lowest level component of a resource activity, or cost object.

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