BUSINESS Definition

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BUSINESS is a commercial or industrial enterprise and the people who constitute it that undertake the activity of providing goods and services involving financial, commercial and industrial aspects.

Learn new Accounting Terms

EXPIRED EXPENSE is an expense having come to an end or become void after passage of a period of time.

NORMAL SPOILAGE consists of defective units that arise as part of regular operations. If normal spoilage arises from the requirements of a specific job, the cost of the spoiled units is charged to the job.

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