COOKIE JAR RESERVES Definition

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COOKIE JAR RESERVES is an overly aggressive accrual of operating expenses and the creation of liability accounts done in an effort to reduce future year operating expenses.

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UNRESTRICTED GRANT is a grant made to further the general purpose or work of an organization, rather than for a specific purpose or project.

HIGH YIELD (JUNK) is bonds and preferred stocks having an S&P/Moody's rating of BB+/Ba1 or lower, and NAIC ratings of"3", "4", "5", or "6". Below investment grade securities have greater risk and therefore compensate investors with higher market yields. In addition to new issues, high yield securities can evolve from older issues with declining ratings, or can be created through lever­aged buyouts where management uses the assets of the company as collateral for the issue.

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