RELEVANT ASSERTION Definition

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RELEVANT ASSERTION, in accounting, is a financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially misstated.

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BOOK VALUE OF EQUITY is the difference between the book value of assets and the book value of liabilities.

DEPRECIATION EXPENSE is the amount deducted from gross profit to allow for a reduction in the value of something because of its age or how much it has been used. When you buy and own equipment, your business may be entitled to deduct a depreciation expense.

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