FAIR VALUE Definition

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FAIR VALUE, under GAAP, is the amount at which an asset could be bought or sold in a current transaction between willing parties, other than in liquidation. On the other side of the balance sheet, the fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, other than in liquidation.

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LINE MANAGEMENT is the administration of the line functions of an organization; administration of activities contributing directly to the organizations output.

LIP ACCOUNT see LOAN-IN-PROCESS ACCOUNT.

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