VALUATION ALLOWANCE/RESERVE Definition

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VALUATION ALLOWANCE/RESERVE is an allowance to provide for changes in the value of a companys assets, such as depreciation or if an asset is deemed impaired.

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ATTESTATION RISK is the risk the CPA may unknowingly fail to modify the report
on management’s assertion. It is composed of inherent risk, control risk, and detection risk.

O&M is an acronym for either Operations & Maintenance or Operations & Management.

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