ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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TESTIMONY Definition
TESTIMONY is evidence given by a competent witness under oath.
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LEGAL ENTITY is a person or organization that has the legal standing to enter into contracts and may be sued for failure to perform as agreed in the contract, e.g., a child under legal age is not a legal entity, while a corporation is a legal entity since it is a person in the eyes of the law.
REALIZATION PRINCIPLE is that revenue should be recognized at the time goods is sold and services are rendered.
