COST ALLOCATION Definition

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COST ALLOCATION is the assignment to each of several particular cost-centers of an equitable proportion of the costs of activities that serve all of them, i.e. shared cost pools.

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WARRANTY is a guarantee given to a buyer from a seller that the goods or services purchased will perform as promised, or a refund will be given, repair will be done at no charge, or an exchange made.

THEFT, as legally defined, encompasses a broad range of activities when one person uses, transfers, conceals, or retains possession of another persons property without the other persons consent. This definition is much broader than what most persons believe to be theft and can include writing bad checks, unauthorized use of a credit card, keeping found property without making a reasonable attempt to find its rightful owner, misusing trade secrets, unlawfully tapping into cable television services, wrongfully receiving public assistance, and removing serial numbers from movable property with the intent of concealing the identity of the true owner.

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