ASSUMPTION Definition

ASSUMPTION, generally, is one or more beliefs or unconfirmed facts that contribute to a conclusion. Specifically, it is the act of taking on the responsibility or assuming the liabilities of another.

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VESTED refers to having an absolute right or title, when previously the holder of the right or title only had an expectation. Example: after 20 years of employment Larry Loyals pension rights are now vested.

RECEIPTS this term, unless otherwise qualified, in accounting means cash received.

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