ERROR OF COMISSION Definition

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ERROR OF COMISSION is an error that occurs as a result of an action taken. In accounting, the error occurs when one or both of the double entries are made in the correct class of account but the wrong account within that class.

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UNRESOLVED EQUITY is the difference between Total Assets and Total Liabilities on the Balance Sheet. Total Assets is always equal to Total Liabilities plus Equity.

MUNICIPAL BOND is the general category of securities issued by public entities. Interest income received by investors is usually exempt from federal income taxes.

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