EXCEPTIONAL ITEMS Definition

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EXCEPTIONAL ITEMS are material items which derive from events or transactions that fall within the ordinary activities of the reporting entity and which individually or, if of a similar type, in aggregate, need to be disclosed by virtue of their size or incidence if the financial statements are to give a true and fair view.

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DOCUMENTARY CREDIT is an arrangement by banks for settling international business transactions. A letter of credit is a form of documentary credit.

FANNIE MAE (FNMA) see FEDERAL NATIONAL MORTGAGE ASSOCIATION.

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