Examlex
Which of the following statements is not true?
Contract Rate
Contract rate refers to the agreed-upon price or interest rate specified within a contract, often related to loans or financial agreements.
Premium
The additional cost above the normal or nominal amount, usually associated with insurance premiums, bond market pricing, or superior products and services.
Contra Liability Account
An account on a company's balance sheet that decreases the balance of a liability account to reflect its net value.
Discount
A discount refers to a reduction from the usual cost of an item or service, offered to incentivize purchase or payment.
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