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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MAINTENANCE OF ACCOUNTS, in accounting, ensures that all transactions and accounting records are in accordance with generally accepted accounting principles and applicable laws, and shall be in sufficient detail to permit an annual audit.

WORK-OF-ART is a product of one of the fine arts; especially a painting or sculpture of artistic merit.

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