ACKNOWLEDGEMENT OF INDEBTEDNESS Definition

Bookmark and Share

ACKNOWLEDGEMENT OF INDEBTEDNESS is a written recognition of debt that is enforceable in law, e.g. memorandum check, bank draft, or loan contract.

Learn new Accounting Terms

MARGINAL BENEFIT takes into account the fact that the more an entity has or devotes to something, the less benefit that is likely to be derived from the additional units applied, e.g. additional labor hours expended to complete a task can be of questionable benefit if parts, tools, or machines cannot optimally absorb the additional labor applied, i.e. the additional hours devoted would be of marginal benefit.

TRUST FUND is a fiduciary relationship calling for a trustee to hold the title to assets, usually monetary, for the benefit of the beneficiary.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.