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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

ACCEPTANCE:
drawee's promise to p... drawee's promise to pay either a TIME DRAFT or SIGHT DRAFT. Normally, the acceptor signs his/her name after writing "accepted" (or some other words indicating acceptance) on the bill along with the date. That "acceptance" effectively makes the bill a promissory note, i.e. the acceptor is the maker and the drawer is the endorser.

actuarial basis of accounting :
Statistical method used i...Statistical method used in determining the amount of periodic contributions to a pension fund. The total contributions plus the income earned on them must equal the payment to be made from the pension fund.

active record :
Document or record that i...Document or record that is undergoing processing and is needed, and referred to frequently, in the daily operations of an organization. In governmental or large firm usage, active records are those which are referred-to at least once per month. Also called current record.

accruals :
Short-term liabilities ... Short-term liabilities (such as interest, taxes, utility charges, wages) which continually occur during an accounting period but are not supported by an invoice or a written demand for payment. When preparing financial statements for that accounting period, such liabilities are estimated on the basis of experience (based on previous payments). Similar increases in the assets of the firm (which may also continually occur) is not taken into account in order to comply with accrual basis accounting rules.

 

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