LONG-TERM Definition

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LONG-TERM is a long period of time. In securities, for a bond it is 10 or more years or as it relates to a buy and hold investment strategy. In accounting, it is thought of as being in excess of 12 months, e.g. long-term liabilities. See SHORT-TERM.

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INPUT VAT is the VAT on a companys input supplies. See also VALUE ADDED TAX (VAT).

AD HOC is being concerned with a particular end or purpose, e.g., a ad hoc committee established to handle a specific subject.

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