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Technical terms

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Double-entry bookkeeping

A system of bookkeeping when every entry to an account requires a corresponding and opposite entry to a different account, known as debit and credit.

Fri, 22 Mar, 2019 at 8:13 PM
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Doubtful debts

Debts which a business or individual is unlikely to be able to collect. The reasons for potential non-payment can include disputes over supply, delivery, th...

Fri, 22 Mar, 2019 at 8:13 PM
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Error of commission

A transaction that is calculated incorrectly.

Fri, 22 Mar, 2019 at 8:13 PM
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Error of omission

A transaction that is not recorded.

Fri, 22 Mar, 2019 at 8:13 PM
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Error of original entry

When an incorrect amount is posted to the correct accounts.

Fri, 22 Mar, 2019 at 8:13 PM
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Error of principle

When a mistake is made to one or both sides of a double-entry item and then posted to the wrong account.

Fri, 22 Mar, 2019 at 8:13 PM
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Exempt assets

An asset may be an exempt asset even though the bankrupt is not in employment at the date of the bankruptcy order if, without the asset, the prospect of the...

Fri, 22 Mar, 2019 at 8:13 PM
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Exempt persons

A person who is exempt from the general prohibition in respect of that activity.

Fri, 22 Mar, 2019 at 8:13 PM
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Exception reporting

A type of summary report that identifies any events that are outside the scope of what is considered a normal range. Employed in the process of inventory re...

Fri, 22 Mar, 2019 at 8:13 PM
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Expenditure

An amount of money spent.

Fri, 22 Mar, 2019 at 8:13 PM