ONEROUS CONTRACT Definition

Bookmark and Share

ONEROUS CONTRACT is one in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits to be received under the contract.

Learn new Accounting Terms

NONRECURRING is an income statement item that is infrequent in occurrence or unusual in nature.

BILLS PAYABLE, in merchant accounts, are all bills which have been accepted, and promissory notes which have been made, are called "bills payable," and are entered in a ledger account under that name, and recorded in a book bearing the same title.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.