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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

absolute assignment :
Assignment in which ... Assignment in which all (and not merely a portion of) benefits, liabilities, and/or rights are transferred by one party to another, without any pre-condition. See also collateral assignment.

accounts receivable (A/R) turnover :
Ratio that shows the re... Ratio that shows the relationship between unpaid credit sales to total credit sales. It indicates, in general, the effectiveness (or lack of it) of a firm's credit policies and cash collection efforts. Formula: Outstanding accounts receivable (in an accounting period) credit sales revenue (in the same period).

AGING OF ACCOUNTS :
the classification of... the classification of accounts by the time elapsed after the date of billing or the due date. The longer a customer's account remains uncollected or the longer inventory is held, the greater is its realization risk. If a customer's account is past due, the company also has an Opportunity Cost of funds tied-up in the receivable that could be invested elsewhere for a return. An aging schedule of accounts receivable may break down receivables from 1-30 days, 31-60 days, 61-90 days, and over 90 days. With regard to inventory, if it is held too long, obsolescence, spoilage, and technological problems may result. Aging can be done for other accounts such as fixed assets and accounts payable. See also ACCOUNT AGING.

accountant's liability :
Legal obligation of an ... Legal obligation of an accountant who (1) is grossly negligent (see gross negligence), (2) does not rigorously employ the GAAP, (3) does not follow accounting conventions and auditing standards established by national and/or international bodies, or (4) commits fraud.

 

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