STATUTE Definition

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STATUTE is an act passed by a legislative body, e.g. U.S. Congress.

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SUSPENSE ACCOUNT, in accounting, is an account that is used on a temporary basis for receipts, disbursements, or discrepancies until such time as the analysis is complete and they can be properly classified.

CURRENT MATURITIES-L/T/D is that portion of long term obligations which is due within the next fiscal year.

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