Documents which do not require to be filled and have no retention value. These can be drafts, memos or a copy for distribution.

A situation under a guarantee to the borrower or seller that an obligationor transaction is without recourse. This absolves the borrower or all blame in the event of loss or defect. The

In the event that a borrower defaults, this type of loan limits the lender’s power to take possession of the borrower’s property.

1. Agricultural Financing: In the event of crop fails or insufficient crops which results in the failing of the collateral, the lender cannot claim the loan amount from the borrower. Government schemes

One time charges that are levied on goods and services.

Costs such as initial investments, losses, moving expenses that are bound to occur only once in the usual course of operation for a business.

One time sales of assets, or insurance settlements that are unique in nature and unlikely to occur again during the normal course of operation for a business.

A ticket that prohibits monetary compensation when returned, but can be refunded for a fee.

Natural resources such as gas, coal, etc that can be consumed only once and hence are irreplaceable. Currently, most of the energy resources that we use are non-renewable. The renewable resources are

Refuseal by the insurer or the insured to renew the coverage on an insurance plan. Usually done on the policy’s expiration date or its anniversary.

1. General: The intention to be liable to one’s obligation according to a contract and expect the the obligee to honor the contract with performance deliverence. 2. Electronic Commerce: Be liable to

A agent who possesses the license to sell insurance policies in a state other than the one he considers his home state.

A company that is located in an area which is given the status of a nonresident for tax purposes.

A loan that is used to purchase nonresidential property such as an office building or a factory.

A bid that fails to satisfy the specifications of an invitation to propose, bid,etc.

Errors which are caused by a lack in the clarity of data, inaccurate sampling methods, or failure to meet specifications. Poorly designed surveys, unprofessional selection of procedures and improper allocation of samples

The failure to fully examine the available data results in this type of audit risk. It also results from the incompetency on part of the auditor to spot a mistake or a

A government owned firm or municipality without the guarantee of government backing on obligations.

Transaction specific cost elements that increase the cost estimates on a casebycase basis.

A continuous journey between the source point and the destination.