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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SPLIT-INTEREST AGREEMENT, in not-for-profits, is a contribution to the institution in which the institution must share the investment income/benefits with the donor and other beneficiaries if designated.

TAX ACCOUNTING is the planning of business strategies based on tax consequences and avoidance.

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