CUSTOMS Definition

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CUSTOMS are the authorities charged with collecting duty and controlling the entry of merchandise into a country.

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WORKING PAPERS, in accounting, are papers that document the evidence gathered by auditors to show the work they have done, the methods and procedures they have followed, and the conclusions they have developed in an audit of financial statements or other type of engagement.

COST ELEMENT, in cost accounting, is the lowest level component of a resource activity, or cost object.

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