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11 Cards in this Set

  • Front
  • Back

abondonment

Voluntary surrender of property, owned or leased, without naming a successor as owner or tenant.

abatement

Complete or partial cancellation of a levy imposed by a governmental unit, usually applying to tax levies, special assessments, and service charges

abnormal spoilage

Spoilage beyond the normal rate, resulting from inefficiency, that is recognized as a loss when discovered

absorb

1. to assimilate, transfer, or incorporate amounts in an account in a manner in which the first entity is absorbed within the second entity


2. to distribute or spread costs by the process of proration or allocation

absorption costing

method in which all manufacturing costs are treated as product costs which nonmanufacturing costs are treated as period costs

abusive tax shelter

limited partnership the IRS believes is claiming illegal tax deductions, usually by inflating the value of purchased property providing a basis for higher deprecation write-offs

ACRS

Accelerated Cost Recovery System


system of depreciation for tax purposes.

accelerated depreciation

method recognizing higher amounts of depreciation in the earlier years and lower amounts in the later years of a fixed asset's life

acceleration clause

provision contained in a bond indenture requiring that in an event of default any remaining interest and principal become immediately due and payable

AQL

Acceptable Quality Level


a quality standard that allows a prespecified number of defects

acceptance

1. drawee's promise to pay either a time draft or sight draft.


2. binding contract effected when one party to a business arrangement accepts the offer of another, either in written or oral form.