BY-PRODUCTS Definition

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BY-PRODUCTS are incidental products resulting from the processing of another product.

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SEPARATE VALUATION CONCEPT is a recording and measurement rule that relates to the determination of the aggregate amount of any item. In order to determine the aggregate amount of an asset or a liability, each individual asset or liability that comprises the aggregate must be determined separately. This is important because material items may reflect different economic circumstances. There must be a review of each material item to comply with the appropriate accounting standards.

CONGLOMERATE is a group of diverse companies under common ownership and run as a single organization.

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