EXISTENCE Definition

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EXISTENCE, in accounting, deals with whether assets or liabilities exist at a given date. For example, management asserts that finished goods inventories in the balance sheet are available for sale.

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IDC is Intangible Drilling Cost.

CORE COMPETENCY is a specific factor that a business believes as being central to the way it, or its employees work. A core competency normally fulfils three key criteria:

  • It provides customer benefits
  • It is not easy for competitors to imitate or duplicate
  • It can be leveraged widely to many products and markets.

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