REQUISITION Definition

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REQUISITION is a written request to buy something. Usually, once approved, the requisition is then transformed into a purchase order.

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REVENUE RECOGNITION is the process of recording revenue, under one of the various acceptable methods, in the accounting period. In each period of revenue recognition, all related expenses should be matched to revenue. The most common method of recognizing revenue is at the time of sale or provisioning of service.

ESCHEAT is the reversion of property to the state (government) in the absence of legal heirs or claimants.

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