SOCIAL ENTITY is the separate existence of an organization that is perceived to exist, by its members and the public at large, as a given, i.e. something that exists before and outside of them.
CONSIGNMENT STOCK is vendor supplied stock that is only paid for when it is used. Consignment stock should change nothing except cash flow. Holding any more stock than is necessary is always inefficient whether it is consignment stock or not.
OCCURRENCE deals with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement represent the exchange of goods or services with customers for cash or other consideration.
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