DIVISION Definition

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DIVISION is a self sufficient unit within a company. A division contains all the functions necessary to operate independently from the parent company.

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FINANCIAL INSTITUTION CONFIRMATION REQUEST is a confirmation sent to the client's bank or other financial institution asking the bank to confirm directly to the auditor information about balances at a particular date.

SEPARATE DETERMINATION CONCEPT holds that each component of any category of assets or liabilities should be valued separately when arriving at a total to be shown in the accounts for that category. For example, the value of each stock item should be calculated individually (at the lower of cost and net realizable value) and these values should then be totaled to give the stock figure which will appear in the accounts. Stock should not be valued at the lower of total cost and total NRV.

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