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Elitism meaning and example sentences with elitism. Top definition is 'the attitude that society should be governed by an elite group of individuals'.Example. ABC Corporation is an electrical equipment manufacturing company. It recorded a sales of USD 100 billion in FY18 with 30% sales on credit to its Corporate Customers. The trade receivables accounting entry for the transaction in its balance sheet will be as below: Accounts Receivables in the above example is calculated below: