CAPITAL LEASE is a lease obligation that has to be capitalized on the balance sheet. It is characterized by: it is non-cancelable; the life of lease is less than the life of the asset(s) being leased; and, the lessor does not pay for the upkeep, maintenance, or servicing costs of the asset(s) during the lease period.
CODING, in accounting, is the assignation of the proper account code to invoices.
PITI is an acronym for Principal, Interest, Taxes and Insurance when dealing with property mortgages.
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