FUTURES CONTRACT Definition

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FUTURES CONTRACT is an agreement to buy or sell a specific amount of a commodity or financial instrument at a specified price on a specified future date. Futures con­tracts are traded on a commodity exchange and used both for speculation and hedging.

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DEFICIT is a debit balance in the Retained Earnings account resulting from accumulated losses.

UNREALIZED ACCOUNTS RECEIVABLE, in cash based accounting, is monies due but not received; can be used to offset taxes.

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