PURCHASE ACCOUNT Definition

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PURCHASE ACCOUNT is an account in which all inventory purchases are recorded; used with the periodic inventory method.

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M as the fifth letter of a Nasdaq stock symbol indicates that the issue is the fourth class of preferred shares of the company.

COMPILATION is the presentation of financial statement information by the entity without the accountant's assurance as to conformity with Generally Accepted Accounting Principles (GAAP). In performing this accounting service, the accountant must conform to the AICPA Statements on Standards for Accounting and Review Services (SSARS).

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