What is the Banking and Securities Industry Committee (BASIC)? The Banking and Securities Industry Committee (BASIC) was established in 1970 with the goal of standardizing, automating, and streamlining the processing of stock certificates. It was tasked with ensuring uniformity in the rules and regulations for the processing of both stocks and options. The BASIC attempted…
What are Restricted Funds? In the non-profit industry, restricted funds refer to a reserve of money that can only be used for specific projects or purposes. The funds can be restricted because the donor wants the money to go to a specific program or the donor wants the money to be utilized after a specific…
What is Reverse Polish Notation (RPN)? Reverse polish notation, or RPN, is one of the three commonly used calculation notations. The other two are polish notation and infix notation. The latter, infix notation, is the one most commonly used across the world and is probably the form of notation that is most familiar to readers….
What is Procurement? In business, procurement is the process of searching for, negotiating, and purchasing goods and/or services from suppliers. The procurement process frequently includes a formal bid to ensure the best possible price, quality, and terms. The process can also be referred to as buying or purchasing. Factors Considered in Procurement Purchasing decisions at…
What is Quid Pro Quo? In financial terms, a quid pro quo is a mutual agreement between parties that gives consideration to each member of the party in exchange for the goods or services which they have each benefited from receiving. It is similar to an exchange deal in which one company uses the services…
What is MM? In finance and accounting, MM (or lowercase “mm”) commonly denotes that the units of figures presented are in millions. The Roman numeral M denotes thousands. In this context, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000,” which equals 1,000,000 (one million). While Roman…
What is Belief Perseverance? Belief perseverance, also known as belief persistence, is the inability of people to change their own belief even upon receiving new information or facts that contradict or refute that belief. In other words, belief perseverance is the tendency of individuals to hold on to their beliefs even when they should not….
What is a Voyage Policy? According to the Indian Marine Insurance Act 1963, a voyage policy is a type of marine insurance policy that provides coverage for losses due to unforeseen risks to cargo during a specific voyage. It is also known as marine cargo insurance. How Voyage Policies Work Any insurance policy is designed…
What is Voluntary Conveyance? Voluntary conveyance is the intentional transfer of a title to a property from one individual to another through a deed. When such a transfer occurs without adequate consideration of the conveyor, the original owner who shall be making the transfer must be prepared to explain the transfer. The explanation must be…
