CURRENT COST ACCOUNTING Definition

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CURRENT COST ACCOUNTING is a system of accounting which adjusts for changing pricing.

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ALLOWANCE, within Sales, is a concession granted to customers for unsatisfactory goods or services. Reduces sales because a portion of the sale has not been earned.

ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others. (See also Liabilities).

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