ON ACCOUNT Definition

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ON ACCOUNT is a partial payment made towards satisfaction of a debt.

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PURCHASE METHOD is accounting for an acquisition using market value for the consolidation of the two entities` net assets on the balance sheet. Generally, depreciation/amortization will increase for this method (due to the creation of goodwill) compared to the POOLING OF INTEREST METHOD resulting in lower net income.

COST ACCOUNTING is a managerial accounting activity designed to help managers identify, measure, and control operating costs.

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