COOKING THE BOOKS Definition

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COOKING THE BOOKS is when a company fraudulently misrepresents the financial condition of a company by providing false or misleading information.

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SPOT COMMODITY is a commodity traded with the expectation that it will actually be delivered to the buyer, as contrasted with to a FUTURES CONTRACT that will usually expire without any physical delivery actually taking place. Spot commodities are traded in the SPOT MARKET.

TAXABLE refers to goods or funds subject to taxation.

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