NARRATIVE Definition

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NARRATIVE, in accounting, is a written description of an internal control system.

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BOOK VALUE OF EQUITY is the difference between the book value of assets and the book value of liabilities.

FIDUCIARY is a person or business (for example, a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty.

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