AVERAGE PAYMENT PERIOD (APP) is the number of days an entity takes to pay off credit purchases. As the average payment period increases, cash should increase as well, but working capital will remain the same. Formula: accounts payable / (total annual purchases / 360).
REMIC is Real Estate Mortgage Investment Conduit. Refers to U.S. legislation, created with the Tax Reform Act of 1986, that allowed for the issuance of collateralized mortgage obligations.
MANUAL CONTROLS are controls performed manually, i.e., not by computer.
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