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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SUBORDINATED DEBENTURE, in securities, is a debt issue whose claim on assets is subordinated to that of general creditors in the event of a liquidation, as stated in the bond indenture.

ASSET STRIPPING is buying a business and then realizing a profit by selling off the assets separately.

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