COMMODITY Definition

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COMMODITY is an article of commerce or product that can be used for commerce. In a narrower sense, commodity is product traded on an authorized commodity exchange. Some types of commodities: agricultural products, metals, petroleum, foreign currencies, financial instruments and indices, etc.

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ACCRUAL BASIS OF ACCOUNTING is wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally accepted accounting principles (GAAP) in preparing financial statements for external users.

INSTALLATION is 1. the act of installing something (as equipment) or, 2. a building or place that provides a particular service or is used for a particular industry.

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