SOP Definition

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SOP is Statements of Position (within the AICPA or FASB) or Standard Operating Procedure.

Learn new Accounting Terms

BOND is a commonly used form of long term debt.

BASIC TENETS OF ACCOUNTING is four in number: 1. Assets = Liabilities + Owners Equity, 2. Debits = Credits, 3. Assets are on the left (debit side), and, 4. Liabilities and Equity are on the right (credit side).

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