BASIC ACCOUNTING Definition

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BASIC ACCOUNTING normally includes the areas of Debits and Credits; Accounts; Assets, Liabilities, Equity, Revenue and Expenses; and, an accounting system that offers a method for checking, balancing, and reconciling all accounting related transactions in order to produce accurate pictures of the entities financial health. Profit and Loss Reports, Balance Sheets, and Cash Flow Statements are the end result of compiling all the transactions into meaningful, usable information for individuals and business owners alike.

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

FREE TRADE AGREEMENT is an agreement between countries that will result, over an agreed period of time, in an elimination of duties for goods flowing between the signatories.

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