PERIODICITY CONCEPT Definition

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PERIODICITY CONCEPT is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.

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RECEIVING is to get something or come into possession of something. In a company it can be a location where goods are received.

DETAIL, in accounting, is extended treatment of particulars of an accounting entry e.g., the from or to, date, amounts, purposes, balances, and, if needed, comments.

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