DOLLARIZATION Definition

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DOLLARIZATION is the use of U.S. dollars by a country as its own currency; the linking of a currency's value to that of the U.S. dollar; or, the use of the U.S. dollar for accounting purposes.

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INITIAL TERM is normally the first time period covered under an agreement or contract (the Term) at the end of which the agreement will either terminate or be automatically renewed under set conditions (Renewal Term), e.g. a one year contract.

ACCOUNTING CYCLE is the sequence of steps in preparing the financial statements for a given period. It refers to the fact that because financial reports are given each period (usually a year) there are a set of steps (cycle) taken each period that result in the reports and preparation for the next period or cycle. The term cycle is used because every period there is a start and an end. The cycle usually starts with the budget, goes through the journal entries, adjusting entries, posting to the accounts, financial reports, and closings.

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