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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ON-THE-RUN ISSUE is the most recently issued U.S. Treasury or government agency securities. Older issues sometimes are described as "off-the-run!'

ABSORPTION see ABSORB.

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