RESERVE ACCOUNTS Definition

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RESERVE ACCOUNTS, generally, are those accounts where retained earnings are set aside to satisfy dividends, improvements, contingencies, retirement of preferred stock, etc.

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CAPITAL GAIN is the excess of selling price over purchase price, which may be given special treatment for tax purposes provided the sale takes place more than a given number of months after purchase.

ENDOWMENT POLICY is a combination of life assurance and investment whereby the sum assured is paid at a predetermined date or on death, if earlier.

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