ACCOUNTING Definition

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ACCOUNTING is primarily a system of measurement and reporting of economic events based upon the accounting equation for the purpose of decision making. Generally, when someone says "accounting" they are referring to the department, activity or individuals involved in the application of the accounting equation.

Learn new Accounting Terms

NOMINAL CAPITAL is total face value of authorized issuable capital.

SHORT TERM LIABILITY is a liability that will come due within one year or less.

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