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Comparability
Ability to compare the accounting information of different companies because they use the same accounting principles.
Accuracy
The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.
FIFO Costing Assumption
An inventory valuation method that assumes the items purchased or produced first are sold first, thereby calculating the costs based on earliest prices.
Income Taxes
Taxes levied by governments on the income generated by individuals or businesses.
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