STATEMENT OF ACCOUNTING POLICIES Definition

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STATEMENT OF ACCOUNTING POLICIES is normally comprised of: a definition of the reporting organization, statement of general accounting policies, statement of particular accounting policies, and a statement of changes in accounting policies.

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REPLACEMENT COST NEW is the current cost of a similar new property having the nearest equivalent utility to the property being valued.

ZERO-RATED SALES is when a sale is taxable at the rate of 0%, i.e. no sales tax. Some examples could be: basic groceries, prescription drugs or certain medical devices.

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