ACCOUNT CURRENT Definition

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ACCOUNT CURRENT is a running or continued account between two or more parties, or a statement of the particulars of such an account.

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BASLE COMMITTEE was set up by the Bank for International Settlements and is based in Basle. The Committee drew up international capital adequacy standards for banks and was once known as the Cooke Committee, after a former chairman.

PROCESSING CONTROL, in accounting, is an internal control included in computer software designed to assure that all transactions are handled as authorized and none omitted or added.

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