PERVASIVENESS OF ESTIMATES Definition

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PERVASIVENESS OF ESTIMATES means that the estimates have to be complete, of high quality and in depth, i.e., they have to adequately cover the whole accounting entity.

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NEGOTIABLE CERTIFICATE OF DEPOSIT is a security generally issued in increments of $1 million and, if created in good delivery form, salable in the national market through a securities dealer or a bank investment depart­ment prior to maturity.

HIGH YIELD (JUNK) is bonds and preferred stocks having an S&P/Moody's rating of BB+/Ba1 or lower, and NAIC ratings of"3", "4", "5", or "6". Below investment grade securities have greater risk and therefore compensate investors with higher market yields. In addition to new issues, high yield securities can evolve from older issues with declining ratings, or can be created through lever­aged buyouts where management uses the assets of the company as collateral for the issue.

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