NORMALIZED EARNINGS Definition

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NORMALIZED EARNINGS is earnings that have been adjusted in order to take into account the effect of cycles in the economy.

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DEFERRED PAYMENT CREDIT is a type of a letter of credit where payment is made at a specified interval after collection papers are submitted.

PRUDENCE CONCEPT, otherwise known as conservatism, says that whenever there are alternative procedures or values, the accountant will choose the one that results in a lower profit, a lower asset value and a higher liability value.

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