GOING CONCERN PRINCIPLE Definition

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GOING CONCERN PRINCIPLE assumes that the accounting entity will maintain proper accounting records from the date of its establishment to the date of its liquidation.

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CHAPS is Clearing house automated payment system. A computerized payment system for clearing checks in the UK.

VALUATION ALLOWANCE/RESERVE is an allowance to provide for changes in the value of a companys assets, such as depreciation or if an asset is deemed impaired.

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