ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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LETTER OF GUARANTEE Definition
LETTER OF GUARANTEE is a written promise issued by a bank to compensate (pay a sum of money) to the beneficiary (third party, local or foreign) in the event that the obligor (customer) fails to honor its obligations in accordance with the terms and conditions of the guarantee/agreement/contract.
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PROMISSORY NOTE, usually just called a note, is a NEGOTIABLE INSTRUMENT wherein the maker agrees to pay a specific sum at a definite time.
HISTORICAL EXCHANGE RATES are just that: The historical data on currency exchange rates.
