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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. |
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abatement |
Complete or partial cancellation of a levy imposed by a governmental unit, usually applying to tax levies, special assessments, and service charges |
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abnormal spoilage |
Spoilage beyond the normal rate, resulting from inefficiency, that is recognized as a loss when discovered |
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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 |
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absorption costing |
method in which all manufacturing costs are treated as product costs which nonmanufacturing costs are treated as period costs |
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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 |
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ACRS |
Accelerated Cost Recovery System system of depreciation for tax purposes. |
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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 |
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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 |
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AQL |
Acceptable Quality Level a quality standard that allows a prespecified number of defects |
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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. |