SERVICE CONTRACT Definition

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SERVICE CONTRACT is a contract offered by a retailer for maintaining and repairing a product beyond its manufacturers warranty coverage.

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ADJUNCT ACCOUNT is an account that accumulates either additions or subtractions to another account. Thus the original account may retain its identity. Examples include premiums on bonds payable, which is a contra account to bonds payable; and accumulated depreciation, which is an offset to the fixed asset.

SRO is Self-Regulatory Organization.

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