Hire Purchase (HP): The pre-agreed purchase of an asset where the asset e.g. computer is in your possession as long as repayments are kept to. Once enough payments are made, the asset becomes your property.

 

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Hire Purchase (HP): The pre-agreed purchase of an asset where the asset e.g. computer is in your possession as long as repayments are kept to. Once enough payments are made, the asset becomes your property.

Purchase-Money Mortgage: A mortgage given as part of the buyers consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It . . . View Full Definition

Purchase Returns And Allowances: A contra-purchase account used for recording the return of, or allowances for, previously purchased merchandise.

Purchaser Road Credits: Credits granted to purchasers of timber in the national forests in exchange for the construction of permanent roads specified in the timber sale contract. The amount of the credits is the Fo . . . View Full Definition

Purchases Account: An account in which all inventory purchases are recorded: used with the periodic inventory method.

Purchases Journal: A special journal in which credit purchases are recorded.

Purchase Order: A written order to buy specified goods at a stipulated price.

Purchase Of Development Rights (PDR): The acquisition of property development rights through voluntary sale by the landowner to a government agency or land trust. The government agency or land trust acquiring development rights . . . View Full Definition

Purchase Ledger: A subsidiary ledger which holds the accounts of a business's suppliers. A single control account is held in the nominal ledger which shows the total balance of all the accounts in the purcha . . . View Full Definition

Purchase Loan: A consumer loan taken to finance a purchase.