LEGALLY MANDATED Definition

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LEGALLY MANDATED is that which is required by law, e.g. the ratio of majority inhabitant vs. minority new-hire quotas in a legislated work environment.

Learn new Accounting Terms

ASSESSED VALUE is the estimated value of property used for tax purposes.

WRITE-UP is the increase in value of an asset, but it is seldom used and is not allowed in GAAP (Generally Accepted Accounting Principles).

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