PHYSICAL STOCK-TAKE Definition

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PHYSICAL STOCK-TAKE see PHYSICAL INVENTORY.

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TRIAL BALANCE is a listing of the accounts in your general ledger and their balances as of a specified date. A trial balance is usually prepared at the end of an accounting period and is used to see if additional adjustments are required to any of the balances. Since the basic accounting system relies on double-entry bookkeeping, a trial balance will have the same total debit amount as it has total credit amounts.

WHOLLY OWNED SUBSIDIARY is an entity whose parent owns virtually 100% of its common stock.

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