ASSUMPTION Definition

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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.

Learn new Accounting Terms

FLAT LEASE is a lease where the cost is fixed for a specific period of time.

AFE, dependent upon usage, is an acronym for Authorization for Expenditure or Average Funds Employed.

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