REVOCABLE LETTER OF CREDIT Definition

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REVOCABLE LETTER OF CREDIT is a letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawees bank.

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SUBSIDIARY is a company whose voting stock is more that 50% owned by another company.

NORMAL BALANCE, in accounting, is the side of an account, whether debit or credit, to which increases to the account are recorded.

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