ARM'S LENGTH TRANSACTION Definition

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ARM'S LENGTH TRANSACTION is a transaction that is conducted as though the parties were unrelated, thereby avoiding any semblance of conflict of interest.

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SERVICE BUSINESS is a form of business providing different types of labor services in a wide variety of business sectors, e.g., lawn mowing, housecleaning and clothes cleaners are three types of consumer services offered to the general public.

CONTRA ENTRY, in accounting, is a ledger entry which is offset by an opposite entry, either a debit or credit.

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