REVALUATION SURPLUS, under the revaluation model, increases in carrying amount above a cost-based measure are recognized as revaluation surplus.
PRINCIPAL AUDITOR is the auditor responsible for the greater portion of financial statements. The principal auditor may assume responsibility for the work of other auditors or divide responsibility with the other auditors.
GOING SHORT is the selling of commodities, bonds, or stock before actually buying it. This happens when a dealer or investor believes the price of the item (on the date of its delivery to the buyer) will be lower than its current price. He or she expects to make a profit by buying the item on or just before its delivery date. See GOING LONG.
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