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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Definitions of Terms

Amounts due from customers for goods or services provided in the normal course of business operations.

Computation of the adjustment for uncollectibility of accounts receivable outstanding at the end of the period based upon the length of time the accounts have been unpaid.

The formal procedure for collateralization of borrowings through the use of accounts receivable. It normally does not involve debtor notification.

Rights to receive all or portions of specified cash inflows to a trust or other entity.

Coins and currency on hand and balances in checking accounts available for immediate withdrawal.

Short‐term, highly liquid investments that are readily convertible to known amounts of cash and are so near their maturity that they present negligible risk of changes in value due to changes in interest rates. Examples include treasury bills, commercial paper, and money market funds.

Personal or real property used to secure the performance of a loan or other obligation. Upon default of the obligation the collateral may be sold by the lender in order to satisfy the obligation.

Those assets that are reasonably expected to be realized in cash or sold or consumed within a year or within the normal operating cycle of the reporting entity, if longer than a year.

The outright sale of accounts receivable to a third‐party financing entity. The sale may be with or without recourse.

Cash, evidence of an ownership interest in an entity, or a contract that conveys to another ...

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