DISPOSABLE INCOME Definition

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DISPOSABLE INCOME is the amount of an individuals income left after taxes which is available for spending and / or savings. See DISCRETIONARY INCOME.

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GROSS NEGLIGENCE is any action or an omission in reckless disregard of the consequences to the safety or property of another. Sometimes referred to as "very great negligence" and it is more then just neglect of ordinary care towards others or just inadvertence. Also known as the Latin term culpa lata.

COST PRINCIPLE is the principle where a company is obliged to record its fixed assets at their actual purchase price or production cost.

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