MONETARY POLICY Definition

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MONETARY POLICY is U.S. Federal Reserve actions to influence the availability and cost of money and credit as a means of helping to promote high employment, economic growth, price stability and a sustainable pattern of inter­national transactions. Tools of monetary policy include open market operations, adjustments in reserve require­ments and changes in the discount rate.

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NON-DISCRETIONARY ACCRUAL is a mandatory expense/asset that is recorded within the accounting system that has yet to be realized. An example of this would be payroll taxes.

ACCOUNTING INCOME is the income derived through historical accrual based accounting. Income = the change in net assets occurring during the period excluding transactions with owners; i.e. transaction based.

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