Provide the Definition of Each of the Following Accounting Assumptions

question 122

Essay

Provide the definition of each of the following accounting assumptions.

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Definitions:

Misappropriate

The act of taking something dishonestly for one's own use, particularly with reference to funds.

Electronic Funds Transfers

Electronic Funds Transfers (EFT) are the digital exchange of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Electronic Funds Transfers

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions.

Bank Reconciliation

The process of comparing a company's bank account balance with its financial records to identify discrepancies and ensure accuracy.