👉 The term "recission" is a term used in the field of economics and finance, particularly in the context of financial accounting. It refers to the act or process of repaying debts or obligations by selling assets. In accounting, when a company sells its assets at a loss, it is known as recission. This means that the company has lost money on the sale of its assets, which reduces its total assets and liabilities, leaving more capital in the bank account for future investments. The
