MORTGAGE Definition

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MORTGAGE is a conditional conveyance of property as security for the repayment of a loan.

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CASH SHORT/OVER ACCOUNT, in retail sales, is where any differences between the cash register tape totals and the actual cash receipts is charged against the cash short and over account. If the ending balance of the account is a debit it is shown on the Income Statement as a miscellaneous expense. If the ending balance of the account is a credit it is shown on the Income Statement as Other Revenue.

MERCHANDISE is commodities offered for sale or to engage in the trade of commodities that are for sale.

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