Established the precedent of funds withdrawn from an account are presumed to be debits from the funds deposited in a first-in, first-out (FIFO) principle-based fashion. UK’s 1816 case of Devaynes v. Noble.

B/L with no adverse remarks or notations, called ‘clauses’, made by the shipping firm about the condition, packaging, or quantity of the goods being shipped. Importers and their banks typically require a

Documented collection of only the financial document that is processed through the banks without a bill of lading and/or other shipping documents, typically the draft or a bill of exchange. These are

Systems of floating-exchange rates. The worth of a currency is set with no government interference entirely by the forces of market demand and supply. Contrast to dirty float. Known also as pure

Natural fuel, like compressed natural gas or liquefied petroleum gas, or a blend like gasohol. It produces less pollution than the alternatives and it is used as a substitute for fossil fuels.

Legal principle; States that the party requesting equity and judicial action must not be involved in any inequitable or fraudulent dealings. For example, a thief cannot get court’s help in the recovery

Securities market term. A price of a bond that excludes the interest accrued on the bond. Price et al is quoted and documented. However, a buyer must pay the quoted price plus

Concept accepted that a firm’s income statement will exclude all gains or losses related directly to equity, and only show all other non-equity-based gains and losses.

Technology using less resources, generating less waste, and causing less environmental damage than any alternatives, and is economically competitive and productive .

A slang term. Denotes how an investment broker guarantees that accumulating quality investments meets the client’s best interests.

Cleaning of equipment in its stationary location while assembled. The equipment is cleaned and sanitized in modern food processing plants by automatic, computer-controlled devices at the appropriate time.

Manufacturing process minimizing waste and applying continuous prevention practices. These method include (1) raw materials and energy conservation, (2) toxic inputs elimination or reduction, and (3) toxic outputs reduction or elimination.

Restoring a contaminated site after an accidental release. Actions are the containment, neutralization, removal, and/or stabilization of hazardous wastes. This results in the to a state safe for animals, plants, and people.

Issuer of a debt instrument requiring the action of liquidating the instrument before full amortization. When the outstanding principal is less than 10% of the original debt, this action is often triggered

Consolidating by the purchasing firm of the purchased company. Known also as takeout merger.

30 or 60 day period given to a customer who must have no overdrafts to receive annual renewal of a line of credit as an overdraft protection. US banking practice. The time

Stated to prevent a borrower from using a line of credit as permanent and ongoing financing. Would likely result in the borrower having to pay off the line of credit balance and

Implemented by banks to lessen borrowers tendency of repeatedly drawing against their own lines of credit. This requirement is often written into the contracts to require borrowers to pay off outstanding balances

An IRS or corporate test applied to determine the deductibility of business expenses related to entertainment and dining. The test checks that no other motive is involved when incurring these expenses other

Retail sale using heavily discounted prices to quickly sell off closed-out goods.