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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EXISTENCE, in accounting, deals with whether assets or liabilities exist at a given date. For example, management asserts that finished goods inventories in the balance sheet are available for sale.

STANDARD AND POORS (S&P) 500 is an index of the 500 largest, most actively traded stocks on the New York Stock Exchange. It provides a guide to the overall health of the US stock market.

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