ACCOUNTING TIMING DIFFERENCE Definition

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ACCOUNTING TIMING DIFFERENCE is the effect that a defered accounting event would have on the financials if taken into consideration e.g., the release of a deferred tax asset to the income statement as a deferred tax expense (ie the reversal of an accounting timing difference).

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BOOKING, in import / export, is an arrangement with a shipping company to load and carry a shipment.

PREFERRED CREDITOR is a creditor whose account takes legal preference for payment over the claims of others.

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