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transfer of account

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transfer of account
An authorization by a customer to transfer the assets of his or her brokerage account at one firm to a brokerage account at another firm. It is generally easier and safer for one to transfer securities this way instead of requesting delivery and then sending the certificates to the new firm by oneself.


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Customers fill out a transfer of account form and it will take up to seven days to complete the move.
Concerning a scheme began in December to guarantee loans that take accounts receivable as collateral, the Ministry of Economy, Trade and Industry will try to persuade public entities and large firms to scrap their arrangements to prevent the transfer of accounts receivable, which has inhibited the use of the scheme, he said.
Analysis Because the proprietorship uses the cash method and the corporation will use the accrual method, the transfer of accounts receivable and accounts payable could create problems.
 
 
 
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