BASIC TENETS OF ACCOUNTING Definition

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BASIC TENETS OF ACCOUNTING is four in number: 1. Assets = Liabilities + Owners Equity, 2. Debits = Credits, 3. Assets are on the left (debit side), and, 4. Liabilities and Equity are on the right (credit side).

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VAR is an acronym for Value-Added Reseller (usually of technology products) or, in finance, Value at Risk.

DISCOUNTING is the selling of accounts receivable, usually at less than full value, to a financial entity.

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