COMPLETENESS Definition

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COMPLETENESS deals with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and services are included in the financial statements. Similarly, management asserts that notes payable in the balance sheet include all such obligations of the entity.

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STRANDED PLANT is a cost that has been incurred, but can not be reversed. Usually referred to as a sunk cost.

SETUP COST see FIXED CHARGE.

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