Definitions (4)
1. Accounting: An entry on the right-hand side of an account record in double entry bookkeeping. It has the effect of decreasing an asset or expense account, or of increasing a capital, liability, or revenue account. See also debit.
3. Commerce: An agreement based largely on trust under which goods, services, or money is exchanged against a promise to pay later. Also called commercial credit.
4. Short form of the term letter of credit.
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Warren Buffett's Wisdom on How to Succeed in Business
What if you could buy 10% of one of your classmates and their future earnings? You wouldn't buy the ones with the highest IQ, the best grades, etc, but the most effective. You like people who are gene ... Read more
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