Text correction attribution in a short or minor document revision. Does not add text, as in an addendum, nor does it remove text, as in a corrigendum.

A temporary account that holds financial amounts whose final destination is unknown or uncertain due to some type of error or suspension of a transaction. Such accounting situations must be fixed immediately.

Occurs when something was left out or a listed action was not executed.

Accounting mistake on a balance sheet where an error in an entry causes a same-amount error in an entry in its balancing account.

Accounting mistake posted to an incorrect account after a double-entry item error was made on one or both sides.

Definition given to an unresolvable difference between a model and the actual result used for the model. The differences typically occur due to external factors. The model is typically a statistical or

A statement that a reinsurer’s liability is not nullified due to textual errors or omissions.

A disclaimer statement on an invoice to cover clerical error. Typically found after the total, at the end of the document.

Scholarly; smart. People who have great knowledge from spending extended time gaining this knowledge. This knowledge is gained formally through school, or personally by reading. Experts are considered to be erudite in

1. In Construction, this is an allowance to change the contracted price for labor, material, etc., based on a change in market prices or a consumer price index (CPI) as a benchmark.

Increasing resources in a losing investment because of resources already committed.

Specific conditions and events that trigger a plan for emergencies.

Anticipated annual change in percentage for price levels of the goods and services

Allowance for withdrawing from a contract when specified conditions occur. Can also allow changing these conditions. Provision in a contract.

1. In Accounting, this is a special account for holding specific monies for disbursement under specific conditions. 2. In Banking, this is a special account for holding specific monies for disbursement under

Values and morals essential to the development and improvement of standards on how business is done in a company.

Industries an economic society declares as critical. The industries as well as their suppliers are included. Examples Steel, gas, electricity and communications are just a few examples.

Records that an organization requires to show how to execute its business. These vital records are critical to restore the organization from a disaster. Refer to disaster recovery.

Existing market price stated by a party not the manufacturer nor the supplier used by buyers and sellers to openly trade and bargain.

Estate owner’s instructions on handling estate assets at the owner’s death, full disability, or legal incapacitation.