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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.
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DEMAND DEPOSITS Standard checking accounts maintained by commercial banks. They pay no interest on balances and as the name indicates, the funds can be withdrawn "on demand," which is accomplished by writing a check. Demand deposits on the only type of checkable deposits that can be legally offered to businesses. Demand deposits are one type of checkable deposits. Others are NOW accounts, share drafts, and ATS accounts.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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