WebDec 12, 2024 · The right of setoff is a legal right by a debtor to reduce the amount owed to a creditor by offsetting against it any amounts owed by the creditor to the debtor. For example, a bank can seize the amount in a customer’s bank account to offset the amount of an unpaid loan.It is a useful legal right when a borrower goes bankrupt, since the creditor … WebDec 28, 2024 · A prepaid asset is an expense that has already been paid for, but which has not yet been consumed. The concept most commonly applies to administrative activities, such as prepaid rent or prepaid advertising. A prepaid asset appears as a current asset on an organization's balance sheet, assuming that it is expected to be consumed within one …
CU Accounting Abbreviation Meaning - All Acronyms
WebJun 28, 2024 · Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public... WebJul 14, 2024 · Arrears refers to either payments that are overdue or payments that are to be made at the end of a period. An account is said to be in arrears if the debt, liability, or obligation expected is ... sonic that\u0027s no good copypasta
Abbreviations - IFRS Essentials [Book] - O’Reilly Online …
WebMeaning. CPU. Central Processing Unit. Technology, Computing, Technical. LAN. Local Area Network. Technology, Computing, Technical. VPN. Virtual Private Network. WebJul 3, 2024 · General Ledger: A general ledger is a company's set of numbered accounts for its accounting records . The ledger provides a complete record of financial transactions over the life of the company ... Webcumulative penalty. 4. : formed by the addition of new material of the same kind. a cumulative book index. 5. : summing or integrating overall data or values of a random … sonic the air freshener