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INSURANCE
Trustees may insure trust property against loss or damage by fire subject to the following conditions: 1. The insurance must not exceed the full value of the property;
2. The trustees must not insure if:
3. Premiums may be paid out of income of the trust property (not necessarily the property insured);
4. Insurance money received is to be treated as capital, and held on the same trusts as the property insured.
importance of classifying cost accounting
What is a standard and acceptable variance
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The following facts have been extracted from the standard cost card for product X:
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