COMMON LAW Definition

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COMMON LAW is an unwritten body of law based on general custom in England; it is used to some extent in the United States.

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ACCRUED EXPENSES are expenses incurred during an accounting period for which payment is postponed.

FUNCTIONAL-BASED ACCOUNTING focuses on organizational units such as departments and plants, uses financial outcome measures and static standards and benchmarks to evaluate performance, and emphasizes status quo and organizational stability. On the other hand, activity-based accounting focuses on processes, uses both operational and financial measures and dynamic standards, and emphasizes and supports continuous improvement. Activity-based accounting adds a process perspective.

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