It is an extra commission paid by a principal to an agent when the agent guarantees the solvency of a customer to whom he has sold goods on credit.

An agent who agrees to shield his principal from any loss that the principal may suffer due to granting of any credit by the agent to any third party on behalf of the principal.

Having a college degree.

Effecting decentralization so as to lower the cost of production.

This is a term related to organizational conflict management; the method lies in softening the conflict through understanding and sharing the superordinate corporate or group goal.

A company that is no longer continuing on its day to day functions.

Deceive with criminal intention.

The practice of spending funds in excess of income.

Financing of (especially government) spending by borrowing or through printing currency.

An excess of liabilities over asset in a given period (usually a financial year). Deficit of revenue against expenditure in a government budget.

A statement, showing in a prescribed form the excess of liabilities over assets.

The amount by which the total liabilities of a business exceed its total assets.

A general reduction in demand, purchasing power and prices, with a fall in investment and employment.

Any tax that is payable beyond the period of one year from the date of balance sheet.

A special class of shares the holders of which are not entitled to any dividend till the preference and ordinary share dividends have been distributed.

Any expenditure of a revenue nature the benefit of which may be derived for more than one accounting year so is written off over the period in which the benefit is derived from it.

Payment by installments or after an agreed period of moratorium.

An expenditure not treated as a cost of operation of the period during which it is incurred but carried forward to be written off in one or more future periods.

An annuity on which payment commences at a specified later date.

The disk drive which a computer has been programmed to select if no other specification has been given. (Also frequently: default colour, default font, default precision in mathematical operators.)