OBLIGATION Definition

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OBLIGATION, in business, is a legal duty to pay or do something.

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RAR, dependent upon context, is Resource Allocation Request, Revenue Agent Report (US IRS), Remedial Action Report, Report of Actual Reimbursements or Refill Authorization Request.

MEMOS written records supporting journal entries. Credit memos support credits, while debit memos support debit entries. See Memo Entry.

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