SUSPENSE ACCOUNT Definition

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SUSPENSE ACCOUNT, in accounting, is an account that is used on a temporary basis for receipts, disbursements, or discrepancies until such time as the analysis is complete and they can be properly classified.

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CORE PROCESS is a process with a set of related and interdependent activities that transform an input to a system to an output with added value to a customer. It is the transformation of people, money, materials or information that is the value-added work of the organization. The CORE PROCESSES are those processes by which the organization creates its most value-added and essential transformations for the customers.

AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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