GARBAGE IN, GARBAGE OUT Definition

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GARBAGE IN, GARBAGE OUT (GIGO) is an often used computer and software industry saying meaning that if the data going into a system is suspect, the resulting data output will be suspect.

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CONTINUITY ASSUMPTION see GOING CONCERN CONCEPT.

GENERAL LEDGER is the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts).

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