STATUTORY LIEN Definition

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STATUTORY LIEN is an involuntary lien, which is created by law rather than by contract. Statutory liens include tax liens, judgment liens, mechanics liens, etc.

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FRINGE BENEFIT an incidental benefit awarded for certain types of employment (especially if it is regarded as a right) (Example: employer supplied health insurance or two weeks paid vacation per year).

ACQUISITION PRICE PRINCIPLE see COST PRINCIPLE.

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