... use property under the terms of a LEASE. Lessor - Owner of property, the temporary use of which is transferred to another (LESSEE) under the terms of a LEASE. Letter of Credit - Conditional ... framework of the TRUST instrument. Dissolution - Termination of a CORPORATION. Distribution Expense - Expense of selling, advertising, and delivery of goods and services. 1 Glossary oF Accounting,FinanceandEconomic Terms Accounting–pages1‐7and8Finance–page7Economics–page7ACCOUNTING:http://www.alpineguild.com /glossary_ of_ important.htmAccount‐‐arecord of financialtransactions;usuallyreferstoaspecificcategoryortype,suchastravelexpenseaccountorpurchaseaccount.Accountant‐‐apersonwhotrainedtoprepareandmaintainfinancialrecords.Accounting‐‐asystemforkeepingscoreinbusiness,usingdollars.Accountingperiod‐‐theperiod of timeoverwhichprofitsarecalculated.Normalaccountingperiodsaremonths,quarters,andyears(fiscalorcalendar).Accountspayable‐‐amountsowedbythecompanyforthegoodsorservicesithaspurchasedfromoutsidesuppliers.Accountsreceivable‐‐amountsowedtothecompanybyitscustomers.Accrualbasis,system,ormethod‐‐anaccountingsystemthatrecordsrevenuesandexpensesatthetimethetransactionoccurs,notatthetimecashchangeshands.Ifyoubuyacoatandchargeit,thestorerecordsoraccruesthesalewhenyouwalkoutwiththecoat,notwhenyoupayyourbill.Cashbasisaccountingisusedbyindividuals.Accrualbasisaccountingisusedbymostbusinesses.Accruedexpenses,accruals‐‐anexpensewhichhasbeenincurredbutnotyetpaidfor.Salariesareagoodexample.Employeesearnoraccruesalarieseachhourtheywork.Thesalariescontinuetoaccrueuntilpaydaywhentheaccruedexpense of thesalariesiseliminated.Aging‐‐aprocesswhereaccountsreceivablearesortedoutbyage(typicallycurrent,30to60daysold,60to120daysold,andsoon.)Agingpermitscollectioneffortstofocusonaccountsthatarelongoverdue.20 ... 11 of the Securities Act of 1933 regarding financial information included in an offering statement. Committee of Sponsoring Organizations of the Treadway Commission (COSO) - An alliance of...