ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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REPRESENTATION EXPENSES Definition
REPRESENTATION EXPENSES are those expenditures whose character and primary purpose is for representational or entertainment related activities, including receptions or banquets.
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FEE SIMPLE ABSOLUTE see FEE SIMPLE.
ECONOMIC ENTITY accounting concept that provides context or 'point of view' for the economic events (i.e., transactions) captured by the financial statements. In short, it answers the questions, 'Whose asset is it?'; 'Whose liability is it?'