POSTULATE Definition

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POSTULATE, in logic, is a proposition that is accepted as true in order to provide a basis for logical reasoning.

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OBJECTIVITY PRINCIPLE states that accounting will be recorded on the basis of objective evidence. Objective evidence means that different people looking at the evidence will arrive at the same values for the transaction. Simply put, this means that accounting entries will be based on fact and not on personal opinion or feelings.

IN THE RED means losing money; the opposite of "in the black."

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