TEST COUNT Definition

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TEST COUNT, in inventory audits, is where a test count is inventory counted by the auditors to check the client's count.

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ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

GRACE PERIOD is the period of time between your statement date and the due date, i.e. it is the time period stipulated in most loan contracts and insurance policies during which a late payment will not result in penalties, default or cancellation.

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