ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PROMISES FOR THE FUTURE Definition
PROMISES FOR THE FUTURE is not a standard term, but is sometimes used in contracts to delineate what orders/commitments may exist in the future. Dependent upon the contractual language, it may or may not be binding.
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AUDITOR is an accountant usually certified by a national professional association of accountants, if one exists in the corporation's country, or certified by another countrys recognized national association of accountants. Corporations will often work with both internal auditors and external auditors.
COST REDUCTION is actions taken in the present designed to decrease costs in the present. See COST AVOIDANCE.