FASTBAC Definition

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FASTBAC is First Automotive Short-Term Bonds and Certificates; asset-backed securities supported by automo­tive loan contracts.

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COMMITMENT BASED ACCOUNTING is where spending controls are enacted that ensures that no budget executor can exceed his annual appropriation.

CAPITAL FUNDS is the total of capital debentures, if any, capital stock, if any, surplus, undivided profits, unallocated reserves, guaranty fund, and guaranty fund surplus.

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