ACCOUNTING ENTITY ASSUMPTION Definition

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ACCOUNTING ENTITY ASSUMPTION states that a business is a separate legal entity from the owner. In the accounts the business' monetary transactions are recorded only.

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WORK IN PROCESS is parts and subassemblies in the process of becoming completed finished goods.

DOLLAR is a currency of: Antarctica, Australia, Bahamas, Belize, Bermuda, Brunei, Canada, Cayman Islands, Cook Islands, E. Caribbean States, Fiji, Grenada, Guyana, Jamaica, Liberia, Malaya & British Borneo, Namibia, New Zealand, Rhodesia, Singapore, Solomon Islands, Trinidad & Tobago, Tuvalu, USA, Virgin Islands, and Zimbabwe.

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