TOTAL ASSETS is the total of all assets; both current and fixed.
BALANCING OFF THE BOOKS means totaling off the various amounts to find out how much money is left or, how overdrawn the organization is. At certain times; e.g. once a month, quarterly, for management committee meetings; it may be necessary to balance off the books".
SECURED TRANSACTION is the right to repossess goods as security for payment of a debt.
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