ABSORPTION Definition

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ABSORPTION see ABSORB.

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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?'

NORMAL BALANCE, in accounting, is the side of an account, whether debit or credit, to which increases to the account are recorded.

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