ENTITY CONCEPT Definition

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ENTITY CONCEPT is the concept that financial accounting and reporting relates only to the activities of a specific business entity and not to the activities of the owners of that entity.

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BUILDING SOCIETY, similar to a Savings and Loan in the U.S., is a UK savings institution that specializes in loans for house purchase. Their members own building societies.

COST OVERRUN is the amount by which an entity exceeds or expects to exceed the estimated cost to completion of: a. a product; b. a process; or, c. the final limitations of costs stipulated in a contract.

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