OAC Definition

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OAC is On Approved Credit.

Learn new Accounting Terms

BOND COVENANT are agreements within a bond that can either be negative or positive in the view of the bondholder, e.g., a negative bond covenant is a bond covenant that prevents certain activities unless agreed to by the bondholders.

ACCRUED PAYROLL is a liability arising from employees salary expense that has been incurred but not paid.

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