EXISTENCE Definition

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EXISTENCE, in accounting, deals with whether assets or liabilities exist at a given date. For example, management asserts that finished goods inventories in the balance sheet are available for sale.

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VALUE is a term that defines the worth of a thing. The term is usually preceded by the word, or words such as Fair" or "Fair Market", and it is usually defined in the document where it is found. Not all value for an item is the same, i.e. value is usually perceived.

CASH IN BANK literally means coin, currency, and cash items on deposit.

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