ASEAN Definition

ASEAN (Association of Southeast Asian Nations) is a trading block of countries in SE Asia. Originally formed as an anti-communist military alliance, it is now focused on developing a free trade agreement among member nations.

Learn new Accounting Terms

OAC is On Approved Credit.

BALANCE is: a. equality between the totals of the credit and debit sides of an account; or, b. the difference between the totals of the credit and debit sides of an account.

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