TEMPORARY ACCOUNT Definition

Bookmark and Share

TEMPORARY ACCOUNT see NOMINAL ACCOUNT.

Learn new Accounting Terms

CONDITIONAL SALES CONTRACT is a credit contract used for the purchase of equipment where the purchaser doesnt receive title of the equipment until the amount specified in the contract has been paid in full.

LINE ITEM BUDGET is a budget initiated by government entities in which budgeted financial statement elements are grouped by administrative entities and object. These budget item groups are usually presented in an incremental fashion that is in comparison to previous time periods. Line item budgets are also used in private industry for comparison and budgeting of selected object groups and their previous and future expenditure levels within an organization.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.