STRIPS Definition

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STRIPS, in securities, is dividing a Treasury bond or mortgage-backed security into its principal and interest payments and selling the claims to these payments as new and separate securi­ties. The principal portion is called a principal only (PO) security, and the interest portion is called an interest only (IO) security

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POSITIVE ASSURANCE, in accounting, is a statement as to what the CPA believes. An example is an opinion that the financial statements are presented fairly in conformity with U.S. GAAP. The opposite is negative assurance, a statement about what the CPA does not know. A statement that the CPA was "not aware of material modifications that should be made to financial statements for them to conform with U.S. generally accepted accounting principles" is negative assurance used in review reports.

CONTINGENT WORKERS is a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants.

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