ADVANCE Definition

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ADVANCE is an amount paid before it is earned, e.g. payment ahead of actual expenditures or phase completion of a construction project.

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SURPLUS generally means any excess amount, but in finance it is the remainder of a fund appropriated for a particular purpose. In a corporation, surplus means assets left after liabilities and debt, including capital stock, has been subtracted.

SUNDRY ACCOUNT is an account where miscellaneous items are recorded, e.g. infrequent transactions involving customers or suppliers that are not tracked in the normal course of business.

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