VARIABLE INTEREST RATE Definition

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VARIABLE INTEREST RATE is an interest rate that moves up and down based on the changes of an underlying interest rate index, e.g. a credit card might have a variable rate that is a certain spread over the prime rate.

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ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.

ECONOMIC LIFE is the time period over which an asset(s) may generate economic benefits.

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