CHECK DIGIT Definition

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CHECK DIGIT is a redundant digit added to a code to check accuracy of other characters in the code.

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FISCAL PERIOD is a unit of time (corresponding to calendar months) into which the fiscal year is divided. Period 1 is July 1st through July 31st, and so on. An extra accrual period also exists. See 13TH PERIOD.

CONSISTENCY PRINCIPLE requires accountants to apply the same methods and procedures from period to period. When they change a method from one period to another they must explain the change clearly on the financial statements.

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