REFINANCE Definition

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REFINANCE is to to renew or reorganize the financing of an asset, e.g. obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

Learn new Accounting Terms

BY-PRODUCTS are incidental products resulting from the processing of another product.

INCOME SUMMARY ACCOUNT is the account in the general ledger used to summarize the revenue and expenses for the fiscal period.

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