ACCOUNTING DIVERSITY Definition

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ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

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CREDITORS CONTROL ACCOUNT reflects the total amount owed to all the individual creditors. The balance of the creditors control account must equal the total of the creditors list, which represents the amounts owed by the individual creditors obtained from the individual balances in the various subsidiary ledger accounts for each creditor. This subsidiary ledger is known as the creditors ledger.

ARREAGE is unpaid dividends on cumulative preferred stock.

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