DEVOLUTION Definition

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DEVOLUTION is the delegation of authority from higher to lower levels.

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BILLS PAYABLE, in merchant accounts, are all bills which have been accepted, and promissory notes which have been made, are called "bills payable," and are entered in a ledger account under that name, and recorded in a book bearing the same title.

ASSET STRIPPING is buying a business and then realizing a profit by selling off the assets separately.

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