18 Terms
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Tax
Of or relating to the fees charged by a government on a product, income, or activity; and also to the system by which they are successfully levied.
Industry: Accounting
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Tax
accounts receivable turnover
Accounting; Tax
Ratio obtained by dividing total credit sales by accounts receivable The result indicates how many times the receivables have been collected during the period covered by the sales It's a measure of ...
limited partner
Accounting; Tax
An investor in a partnership whose personal liability is limited Such investors are generally considered passive for income tax purposes
allocation base
Accounting; Tax
An approach for assigning a given cost to two or more departments of a business
accredited investor
Accounting; Tax
A person (or institution) that has the assets or income level set by the SEC to invest in unregistered securities including nonpublic equity investments, hedge funds, and privately held corporations ...
limited-pay life
Accounting; Tax
Premiums on a life insurance policy that are payable for a stated period or until the insured reaches a certain age
allowance for doubtful accounts
Accounting; Tax
An offset, or contra account, to accounts receivable to reflect the estimated collection losses on outstanding accounts receivable The allowance reduces revenue Such an allowance is generally not ...
accrual accounting
Accounting; Tax
Under this method of accounting, income is recognized when earned, whether or not collected, and expenses are recognized when events have occurred that determine that a liability exists and the ...
