SOCIAL COST Definition

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SOCIAL COST is the cost to society as a whole from an event, action, or policy change. Includes negative externalities and does not count costs that are transfers to others, in contrast to private cost.

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LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

PROSPECTIVE FINANCIAL STATEMENTS are either financial forecasts or financial projections. Prospective financial statements may cover a period that has partially expired. Statements for periods that have completely expired are not prospective financial statements.

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