A merchant identification number is a unique number assigned to a merchant account to identify it with activities. The number works alongside a terminal identification number and a gateway identification number.
The merchant identification number is usually generated by a processor. The number can be easily confused with the numbers of the systems used in completing transactions and other activities. A company can have several merchant identification numbers that recognize each profit center as a different entity. The use of different merchant identification numbers in a company helps to make the accounting process efficient and improves the reporting process.Learn More
The term inherent risk refers to the possibility of loss coming out of a situation or at work within a particular environment before any action has taken place to change or control the environment, and an example would be the possibility that a company's financial statements have included a crucial misstatement that comes from an omission or error that comes from a cause other than a simple lack of controls but instead from a situation of judgment or estimation. If a new financial institution that has a high level of exposure and trade with complex derivatives, the inherent risk is assumed to be considerably higher than it would be for an established investment company.Full Answer >
Appliance depreciation refers to the calculation that determines the loss of value of an appliance, usually on an annual basis. Depreciation can be claimed by individuals and businesses who own rental properties as a business deduction on tax returns.Full Answer >
A goods received note is a receipt given to the supplier to confirm delivery or acceptance of goods by the customer. After the supplier receives this note, a payment invoice is sent to the customer.Full Answer >
Revenue reserve refers to profits that publicly owned companies do not distribute to shareholders, according to The Law Dictionary. Instead, companies hold onto the reserve to promote further growth in the business.Full Answer >