DEVALUATION Definition

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DEVALUATION, in economics, is the lowering in value of one currency in relation to other currencies.

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UNIT-OF-WORK-PERFORMED METHOD is where revenue and cost of sales are recorded as units of work are delivered. This is most suitable to production-type contracts where many units of a product are produced in a continuous process, e.g. automobile manufacture.

COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.

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