DISBURSE/DISBURSEMENT Definition

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DISBURSE/DISBURSEMENT is the paying out of money to satisfy a debt or an expense.

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ERROR is unintentional misstatements or omissions in financial statements. Errors may involve mistakes in gathering or processing accounting data, incorrect estimates from oversight or misinterpretation of facts, and mistakes in application of principles relating to amount, classification, presentation or disclosure.

RETURNS INWARDS are goods sold on credit to a customer and returned for some reason to be refunded for (Sales returns).

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