GENERAL ACCOUNTING Definition

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GENERAL ACCOUNTING involves the basic principles, concepts and accounting practice, recording, financial statement preparation, and the use of accounting information in management.

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ORGANIZATION is a term for any type of group or association of individuals that have joined together either formally or legally, e.g. a company, corporation, government, or partnership.

PRIOR PERIOD refers to accounting periods that have occurred in the past. See also ACCOUNTING PERIOD.

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