ACCOUNTING ESTIMATE Definition

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ACCOUNTING ESTIMATE is an approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are
uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely, cost-effective basis.

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SENIOR DEBT/NOTE are loans or debt securities that have a claim prior to junior obligations and equity on a corporation's assets in the event of a liquidation.

TAX EFFECT METHOD is where, irrespective of when is a tax payable, its effect should be recognized in the year in which the relevant income has been recorded.

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