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Today's Terms
Accrual Accounting
Definition:
Under this method of accounting, income is recognized when earned, whether or not collected, and expenses are recognized when events have occurred that determine that a liability exists and the amount of the liability can be ascertained with reasonable accuracy.
Escrow Accounts
Definition:
Funds placed in trust with a third party, by a borrower for a specific purpose and to be delivered to the borrower only upon the fulfillment of certain conditions.
Accountant
Definition:
Accountant one whose work is keeping or examining accounts or business records.
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