TURNAROUND Definition

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TURNAROUND is the reversal of unfavorable circumstances of a business where an investment opportunity may exist. A firm may work with such a business to restructure the management and finances in order to take the greatest advantage of more favorable circumstances. There are organizations like the Turnaround Management Association that specialize in turning around failing companies.

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IMPLICITY is something implied or understood although not directly expressed.

CANCEL SUPPORTING DOCUMENTS is to mark supporting documents as having been used to support a transaction so the same documents can't be used to support another transaction. An example is stamping vouchers "paid.”

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