Statement of what a scholarly or complex written work contains, presented as a summary usually by someone other than the author of the work. An abstract aims to present only the gist of the subject matter, stresses brevity, and makes no attempt to preserve the flavor or style of the original. See also abridgment, digest, outline, précis, summary, and synopsis.
Alternative term for abstract of title.
Litigious action that is obviously in bad faith (such as one meant to delay the delivery of justice), frivolous, or vexatious (see vexatious action), and which is therefore either dismissed or stayed by the courts as misuse (abuse) of the legal process.
Termination of the contract of employment which, while correctly following the legal procedure, is nevertheless an abuse of managerial power in its harshness, unfairness, or vindictiveness. Such abuse of power is in itself illegal in many countries. See also unfair dismissal and wrongful dismissal.
Method (such as inflating the value of an acquired property beyond its fair market value) employed to claim illegal tax deductions.
Accreditation Council for Accountancy.
(Accreditation Council for Accountancy and Taxation) is a national organization established in 1973 as a non-profit independent testing, accrediting and monitoring organization. The Council seeks to identify professionals in independent practice who specialize in providing financial, accounting and taxation services to individuals and small to mid-size businesses. Professionals receive accreditation through examination and/or coursework and maintain accreditation through commitment to a significant program of continuing professional education and adherence to the Council's Code of Ethics and Rules of Professional Conduct.
Associate of the Chartered Association Of Certified Accountants.
Provision in the US tax law that allows for accelerated depreciation. Under its provisions, assets or properties are divided into several classes, and a prescribed method of depreciation is assigned to each class. ACRS rules are meant to encourage capital investment and (with certain exceptions) provide for a rate of depreciation that is faster than the rate under straight line depreciation method. Its revised version is called modified accelerated cost recovery system (MACRS).
method of calculating depreciation with larger amounts in the first year(s).
Level of authorization to read and/or modify a record or datafile.
Extent to which a consumer or user can obtain a good or service at the time it is needed.
Supplemental or special services provided in addition a basic service.
way to measure cost behavior. It selects a volume-related cost driver and classifies each account from the accounting records as a fixed or variable cost. The cost accountant then looks at each cost account balance and estimates either the variable cost per unit of cost driver activity or the periodic fixed cost.
process by which debits and credits are identified to the correct accounts.
accounting, is a designation of a group of accounts of like type (for example: accounts receivable and fixed assets).
also called account analysis, is a cost estimation method that requires a study of an account in the general ledger. The experienced analysts use the account information as well as their own judgment to determine how costs will behave in the future.
signed statement regarding the financial status of an entity from an independent public accountant after examination of that entities records and accounts.
primarily a system of measurement and reporting of economic events based upon the accounting equation for the purpose of decision making. Generally, when someone says "accounting" they are referring to the department, activity or individuals involved in the application of the accounting equation.
are the assumptions underlying the preparation of financial statements, i.e., the basic assumptions of going concern, accruals, consistency and prudence.