BOOK PROFIT Definition

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BOOK PROFIT see BOOK INCOME.

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TRUST ACCOUNT is a separate bank account, segregated from a brokers own funds, in which the broker is required by state law to deposit all monies collected for clients; in some states called an ESCROW ACCOUNT.

SERVICE INVOICE is an invoice associated with non-professional services, e.g. janitorial, consulting or architectural. See PROFESSIONAL INVOICE and PRODUCT INVOICE.

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