ECONOMIC EVENT Definition

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ECONOMIC EVENT is the transfer of control of an economic resource from one party to another party.

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CONSULTED is sought advice or information.

RECOVERY, in finance, a. absorption of cost through the allocation of depreciation; b. residual cost or salvage value of a fixed asset after all allowable depreciation; or, c. collection of an accounts receivable that had been previously been written off as a bad debt.

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