STUMPAGE refers to: a. Timber in standing trees; usually sold without the land at a fixed price per tree or per stump, the stumps being counted when the land is cleared. (NOTE: Only trees above a certain size are allowed to be cut by loggers buying stumpage from the owners of land) or, b. A tax on the amount of timber cut, regulated by the price of lumber.
SPECIAL MEMORANDUM ACCOUNT (SMA) is a sub-account of a margin account for excess equity. It can be withdrawn or used to buy more securities.
NAA is National Association of Accountants.
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