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What does commitment mean in terms of Accountancy?
The management of Government in financial terms is really different from the private sectors. That is when they call it commitments when they give their words in terms of some services to provide someone. Commitments generally affect the financial situations or, as they say, Ledger. They affect the three things p revenue, payroll and purchasing.
What does Commitment represent?
Commitments generally represent-
What are the benefits?
There are actually multiple benefits in using Commitments. Some are here below:
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