Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

TRUE AND FAIR VIEW

Used in UK applying to an auditor making a decision on a firms accounting practices.

TRUE CAPACITY

Actual capacity of a machine, factory, process or production line to generate output under given constraints of material availability and a sustainable speed.

TRUE GROUP INSURANCE

Policy of insurance for a group that is issued with master contract and insurance certificates and not policy contracts.

TRUE INTEREST COST (TIC)

Total cost annually of getting debt finance that is expressed as a percept of the total account of debt.

TRUE LEASE

Lease arrangement for many years where landlord retains ownership but the tenant keeps possession of the property for the lease term.

TRUE VALUE

Amount the buyer is prepared to pay for an item.

TRUETYPE FONT

Computer type looking the same as on the screen when it is printed.

TRUE-UP

Ensuring that totals for each line item match with the credit and debit accounts.

TRUNCATION

1. Accounting. Leaving off digits that lie to right of a decimal point. 2. Banking. Shortening processing time of cheques. 3. Computing. Cutting off the last string number as it is too

TRUNCATION ERROR

Error caused by leaving off decimal point digits and rounding the number. For example 99.987 becomes 99.98 or 99.9.

TRUNK

Common telephone circuit connecting 2 switch systems, one at the exchange anode at the person calling.

TRUST ENFORCER

The appointed overseer of the trust acting on behalf of the trust.

TRUSTED DOMAIN

Web site or portal acting as a trusted third party between buyers and sellers.

TRUSTED THIRD PARTY

Reputed, responsible and established fiduciary body all parties accept from an agreement, transaction or deal.

TRUSTWORTHY SYSTEM

Computer system where software, hardware, and procedures are secure, available and functional and adhere to security practices.

TRUTH IN LENDING

Legislation in some countries like the Home Mortgage Disclosure Act 1968, Consumer Credit Protection Act 1969 in USA. The lender must make clear all conditions and details of a loan.

TRUTH IN SAVINGS

Legislation in some countries like Federal Deposit Insurance Act 1991 In USA. All details moist be made clear to the depositor of the conditions of deposit.

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