ACCOUNTING ENTITY Definition

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ACCOUNTING ENTITY is an organization, institution or being that has its own existence for legal or tax purposes. An accounting entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, etc. See also ACCOUNTING ENTITY ASSUMPTION.

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FDIC see FEDERAL DEPOSIT INSURANCE CORPORATION.

LIFO (last-in, first-out) is an inventory cost flow whereby the last goods purchased are assumed to be the first goods sold so that the ending inventory consists of the first goods purchased.

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