Outrageously Funny Word Dictionary :: Recommitment

👉 Recommitment is a concept in professional accounting that refers to the act of returning an outstanding balance or debt to its former amount, usually at a later date. This can be done through various means such as payment of interest, repayment of principal, or by changing the terms of the loan or lease agreement. In accounting terminology, it is often associated with the process of making a reconciliation between the current period's financial statements and the previous year's balance sheet to ensure that all transactions have been recorded correctly

recommitment