ECONOMIC ENTITY Definition

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ECONOMIC ENTITY accounting concept that provides context or 'point of view' for the economic events (i.e., transactions) captured by the financial statements. In short, it answers the questions, 'Whose asset is it?'; 'Whose liability is it?'

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TAXABLE refers to goods or funds subject to taxation.

BOOK-TO-MARKET is the ratio of the firms book equity to market equity.

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