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When the information is brief and well defined,which is the best data-gathering approach to use?
Fair Value
The price at which an asset would be bought or sold in an orderly transaction between market participants at the measurement date.
Unamortized Patent
The portion of a patent's cost that has not yet been expensed in the income statement over the patent's useful life.
Land Account
An account used in accounting to track the investment in land owned by an entity, including the costs associated with acquiring the land.
Adjustment Necessary
Indicates that changes must be made to financial records or statements to correct inaccuracies or account for new information.
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