VOSTRO ACCOUNT Definition

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VOSTRO ACCOUNT is a local currency account maintained with a bank by another bank. The term is normally applied to the counterpartys account from which funds may be paid into or withdrawn, as a result of a transaction.

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RECORDING PRINCIPLE of Accrual Basis of accounting is the recording of data based upon the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. The recording principle of 'Cash Basis' is the recording of data based on a cash transaction occurrence between two parties (an actual event).

LANDING COST is the initial charges for landing imported goods, such as those for receiving goods from dockside vessels or from barges to lighters. They may also cover wharfage or delivery from the dock to land conveyance or warehouse.

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