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COBOL is one of the oldest programming languages still in active use. Its name is an acronym for COmmon Business-Oriented Language, defining its primary domain in business, finance, and administrative systems for companies and governments. The COBOL 2002 standard includes support for object-oriented programming and other modern language features

Features

COBOL as defined in the original specification included a PICTURE clause for detailed field specification. It did not support local variables, recursion, dynamic memory allocation, or structured programming constructs. Support for some or all of these features has been added in later editions of the COBOL standard.

COBOL has many reserved words (over 400), called keywords. The original COBOL specification supported self-modifying code via the infamous "ALTER X TO PROCEED TO Y" statement. This capability has since been removed.  

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