ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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FINANCIAL INSTITUTION CONFIRMATION REQUEST Definition
FINANCIAL INSTITUTION CONFIRMATION REQUEST is a confirmation sent to the client's bank or other financial institution asking the bank to confirm directly to the auditor information about balances at a particular date.
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FACTORING is the practice of buying debt at a discount, e.g., if somebody owes you $10,000 payable within a year, a factoring lender may pay you $9,000 for the debt. You receive $9,000 cash quickly, but at the cost of the $1,000 discount.
APB 18 is the Accounting Principles Board Equity Method of Accounting for Investments in Common Stock.
