MODIFIED INTERNAL RATE OF RETURN Definition

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MODIFIED INTERNAL RATE OF RETURN is the rate of return which equates the initial investment with the terminal value, where the terminal value is the future value of the cash inflows compounded at the required rate of return (the opportunity cost of capital).

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REVENUE PRINCIPLE is where revenues are recorded when they are earned regardless of timing of cash receipts.

FUND is a pool of money normally set apart for a purpose, for example, a pension fund to provide pensions.

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