ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PAYABLE is an amount awaiting payment to be made, e.g. interest payable or taxes payable.
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EXISTENCE, in accounting, deals with whether assets or liabilities exist at a given date. For example, management asserts that finished goods inventories in the balance sheet are available for sale.
ORGANIZATION is a term for any type of group or association of individuals that have joined together either formally or legally, e.g. a company, corporation, government, or partnership.