JOURNAL Definition

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JOURNAL, in accounting transactions, is where transactions are recorded as they occur.

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PORTFOLIO DISCOUNT is an amount or percentage that may be deducted from the value of a business enterprise to reflect the fact that it owns dissimilar operations or assets that may not fit well together.

CONTROL RISK is the risk that material error in a balance or transaction class will not be prevented or detected on a timely basis by internal controls.

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