UNDERRECORDED Definition

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UNDERRECORDED normally refers to an understatement as to what a total would be if all data was accurately included or considered; e.g. underrecorded costs, revenues, population, etc.

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CHIPS is Clearing House Interbank Payment System. A computerized payment system for clearing checks in New York.

DEFERRED EXPENDITURE is an expenditure for which payment has been made or a liability incurred but which is carried forward on the presumption that it will be of benefit over a subsequent period or periods. This is also referred to as deferred revenue expenditure.

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