INSURANCE BROKER Definition

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INSURANCE BROKER is a specialized broker who secures insurance business and places it with recognized underwriters.

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INTERNAL REVENUE, if governmental, is money collected by a government through taxes and levies on facilities, income, sales of goods and services, transfers of property, and other specified domestic transactions.

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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