FINANCIAL ACCOUNTING Definition

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FINANCIAL ACCOUNTING is the area of accounting concerned with reporting financial information to interested external parties.

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NON-EXPENDABLE PROPERTY is durable (e.g., equipment and furniture), lasting for a year or longer, and generally has a high dollar value. Non-expendable property must be accounted for throughout its useful life.

SIGN-OFF is approval or agreement, e.g. to sign-off on a purchase contract.

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