REPOSSESSION Definition

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REPOSSESSION is the action of regaining possession, e.g. the seizure of collateral securing a loan that is in default.

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PRO-FORMA FINANCIAL STATEMENT is a financial statement projection that shows how an actual financial statement will look if certain specified assumptions are realized.

GOING CONCERN PRINCIPLE assumes that the accounting entity will maintain proper accounting records from the date of its establishment to the date of its liquidation.

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