ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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ORDER OF PERMANENCE Definition
ORDER OF PERMANENCE is where fixed assets are entered in the balance sheet in descending order of permanence (i.e. land first, then buildings, then equipment ...).
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ACCOUNTS PAYABLE (AP) are trade accounts of businesses representing obligations to pay for goods and service received.
AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.