OPEN ALLOTMENT Definition

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OPEN ALLOTMENT is where there is no restriction as to an amount that may be taken from that which is being allotted.

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GOING CONCERN CONCEPT is the underlying assumption that any accountant makes when he prepares a set of accounts. That the business under consideration will remain in existence for the foreseeable future.

COMMITMENT BASED ACCOUNTING is where spending controls are enacted that ensures that no budget executor can exceed his annual appropriation.

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