ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PREMISE OF VALUE Definition
PREMISE OF VALUE is an assumption regarding the most likely set of transactional circumstances that may be applicable to the subject valuation; e.g. going concern, liquidation.
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CHARGEBACK, in the credit industry, occurs when a credit card processor 'charges back' to the merchant the cost of returned items or incorrect orders that the customer claims were made to his or her credit card.
DISCLOSURE PRINCIPLE states that any and all information that affects the full understanding of a companys financial statements must be include with the financial statements. Some items may not affect the ledger accounts directly. These would be included in the form of accompanying notes. Examples of such items are outstanding lawsuits, tax disputes, and company takeovers.