ARB Definition

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ARB is Accounting Research Bulletins.

Learn new Accounting Terms

ORGANIZATION is a term for any type of group or association of individuals that have joined together either formally or legally, e.g. a company, corporation, government, or partnership.

PROPRIETARY THEORY is where no fundamental distinction is drawn between a legal entity and its owners, i.e. the entity does not exist separately from the owners for accounting purposes. The primary focus is to report information useful to the owners, and therefore the financial statements are prepared from their perspective. See ENTITY THEORY.

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