ERROR OF PRINCIPLE Definition

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ERROR OF PRINCIPLE, in accounting, occurs when one or both of the entries are made in the wrong class or category of account.

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CASH DRAW see PROPRIETORS DRAW.

GLOBALIZATION is the name for the process of increasing the connectivity and interdependence of the worlds markets and businesses. In its literal sense, globalization is a social change, an increased connectivity among societies and their elements due to transculturation; the explosive evolutions of transport and communication technologies to facilitate international cultural and economic exchange are examples of globalization.

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