BENEFIT PERIOD Definition

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BENEFIT PERIOD is the projected useful life time period over which an asset will be productive.

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RELEVANT ASSERTION, in accounting, is a financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially misstated.

AUDIT RISK is a combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests. Audit risk includes uncertainties due to sampling (sampling risk) and to other factors (non-sampling risk).

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