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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NON-EQUITY SHARE is a share in an entity that a. evidences indebtedness of the entity to the holder of the share, and b. does not represent an equity interest in the entity.

MACRO ENVIRONMENT is the external factors which affect a company's planning and performance, and are beyond its control: e.g, socio-economic, government regulations, legal and technological change.

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