BOOK INVENTORY Definition

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BOOK INVENTORY is the acquisition cost of all inventory less liabilities associated with the inventory. See BOOK VALUE.

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INHERENT RISK, generally, it is the risk found in the environment and in human activities that is part of existence. In accounting, it is the susceptibility of an audit area to error which could be material, individually or in combination with other errors, assuming that there are no related internal controls.

WHITE KNIGHT is an entity that comes to the rescue of a corporation that is being taken over.

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