ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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TIME DRAFT Definition
TIME DRAFT is a draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. See SIGHT DRAFT.
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PROFIT & LOSS ACCOUNT shows the net profit which is left after all relevant business expenses have been deducted.
PRINCIPAL is: a. a person who has controlling authority (e.g. the CEO or owner of a company) or is in a leading position (part owners of a legal entity) or, b. a matter or thing of primary importance, e.g. is the amount of a loan, excluding interest, or the amount you invest, excluding income.