SPONTANEOUS LIABILITIES Definition

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SPONTANEOUS LIABILITIES are obligations that are realized automatically, in the course of operating a company day-to-day, when a company buys goods and services on credit.

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NET OPERATING INCOME (NOI) is income after deducting for operating expenses but before deducting for income taxes and interest.

PERVASIVENESS OF ESTIMATES means that the estimates have to be complete, of high quality and in depth, i.e., they have to adequately cover the whole accounting entity.

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