LETTER OF CREDIT, IRREVOCABLE Definition

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LETTER OF CREDIT, IRREVOCABLE is a letter of credit where payment is guaranteed as long as the seller meets all conditions stipulated. A revocable letter of credit can be cancelled or altered by the buyer without permission of the seller.

Learn new Accounting Terms

BANK BALANCE is the amount of money in a bank account on a particular date as recorded by a financial institution on a bank statement.

PROOF OF POSTING (POP) is: a. to prove by acceptable methods the accuracy of any posts made within accounting ledgers; or b. details confirming the shipment of mail with a postal organization.

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