COMPILATION Definition

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COMPILATION is the presentation of financial statement information by the entity without the accountant's assurance as to conformity with Generally Accepted Accounting Principles (GAAP). In performing this accounting service, the accountant must conform to the AICPA Statements on Standards for Accounting and Review Services (SSARS).

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PURE COST is any direct readily verifiable cost assignable to the subject or item, e.g., the direct cost of producing a product.

TRADE EXCHANGE is a barter system where people or companies trade goods and services without the use of money. In the U.S., income from barter transactions is considered taxable.

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