ENTITY ASSUMPTION Definition

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ENTITY ASSUMPTION is the assumption that financial statements are prepared for an entity that is separate and distinct from its owners.

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ORGANIZATIONAL ENABLERS are the skills and knowledge, the tools and resources, and the culture of the organization that will enable it to achieve strategy.

EQUIVALENT UNIT OF PRODUCTION (EPU) is based on the idea that if 100 units are all 40% complete, then 40 whole units could have been completed.

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