FISCAL Definition

FISCAL is belonging to the public treasury; or, pertaining to public finance and financial transactions.

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IRREVOCABLE LETTER OF CREDIT is a letter of credit in which the specified payment is guaranteed by the issuing bank if all terms and conditions are met by the drawee. It is as good as the issuing bank.

INCREMENTAL COST is the increase or decrease in costs as a result of one more or one less unit of output.

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