Series 7: Cancel And Rebill

Taken from our Series 7 - General Securities Representative Exam

Definition of the term Cancel And Rebill...

the removal of a transaction from one account and the adding of the transaction to a different account. A firm may use this method to fix an error it makes in attributing a transaction to the wrong account. More complicated errors, such as those involving the wrong security or amount, require the use of an error account. Compare with error account.

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