DEFICIT Definition

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DEFICIT is a debit balance in the Retained Earnings account resulting from accumulated losses.

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IMPAIRMENT see FRS 11.

ACCOUNTING RECORDS are the records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers; journal entries and other adjustments to the financial statements that are not reflected in journal entries; and records, such as work sheets and spreadsheets, supporting cost allocations, computations, reconciliations, and disclosures.

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