UNITIZE Definition

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UNITIZE is to separate or classify into units, e.g. auto manufacturers unitize along model designations.

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PRUDENCE CONCEPT, otherwise known as conservatism, says that whenever there are alternative procedures or values, the accountant will choose the one that results in a lower profit, a lower asset value and a higher liability value.

BALLOON PAYMENT is a final loan payment that is considerably higher than prior regular payments, in order to pay off the loan.

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