An 'Except For' opinion is one of the two qualified opinions that an auditor can render, indicating that the financial statements present the financial position fairly except for certain specified conditions requiring disclosure.
A comprehensive annual report filed by publicly traded companies to provide a detailed picture of their financial condition.
A 12b-1 Fee is a promotional fee charged by a mutual fund, particularly no-load funds, aimed at covering the fund’s marketing and distribution expenses. This fee, typically about 1%, must be disclosed to investors.
An estate planning vehicle established for the benefit of a young person, becoming absolutely entitled to the trust property on or before their 25th birthday, with specific inheritance tax implications.
The term '24/7' denotes the continuous operation or availability of a service, activity, or resource for 24 hours a day, seven days a week without interruption.
A 30-Day Letter is a formal notice issued by the Internal Revenue Service (IRS) giving the taxpayer 30 days to appeal the proposed finding of a Revenue Agent.
A 401(k) plan is a retirement savings plan sponsored by an employer. It allows employees to save and invest a portion of their paycheck before taxes are taken out.
A formal notice issued by the IRS after an audit indicating that a proposed deficiency will be assessed unless the taxpayer files a petition with the U.S. Tax Court within a specified time.
AAA stands for the American Accounting Association, a leading professional organization dedicated to the advancement of accounting education, research, and practice.
An ad valorem tax is calculated as a percentage of the assessed value of an item, such as property, goods, or services. Common examples include property taxes and value-added taxes (VAT).
The Annual Abstract of Statistics is an annual publication by the Office for National Statistics (ONS) providing comprehensive and detailed UK industrial, vital, legal, and social statistics. It is now available online.
Bona vacantia refers to goods or property without an apparent owner, typically reverting to the state or Crown under legal doctrines.
Ceteris Paribus is a Latin phrase meaning 'all other things being equal.' It is a fundamental concept in economics used to isolate the relationship between two variables by holding all other influencing factors constant.
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's usage, wear and tear, or obsolescence.
Ex Ante is a Latin term meaning 'before the event,' often used in finance and economics referring to predictions, forecasts, or estimations about future events.
Ex post, derived from the Latin term 'ex post facto', means after the event. It is used commonly in accounting and finance to refer to the collection and analysis of financial data after transactions have taken place. This stands in contrast to ex ante, which refers to predictions or analyses made before events occur.
Form 10-Q is a quarterly report mandated by the United States Securities and Exchange Commission (SEC), providing a comprehensive overview of a company's financial performance for the quarter.
A legal precedent established in 1904, critical to determining financial obligations during the dissolution of a partnership, especially when dealing with the insolvency of a partner.
Haram, meaning forbidden by Islamic law, particularly applies to lending or borrowing money at interest. Various schemes enable Muslims to take out loans, such as mortgages, without violating this principle of faith.
Ijarah is an Islamic finance term that refers to leasing arrangements like renting or hiring. It is a concept that allows individuals or businesses to use an asset while making periodic payments for its use without transferring ownership.
An Islamic finance concept where leasing agreements transition into ownership upon repayment of the rental payments.
Kaizen Costing is a technique for reducing and managing costs during the manufacturing process. It involves making continuous improvements to processes through small incremental changes, with the active contribution of all employees.
Muqarada is an Islamic financial instrument that serves as an alternative to conventional bonds. It aligns with Sharia principles, offering a profit-sharing investment model.
In Islamic finance, Murabaha refers to a sales contract where the seller discloses the cost and profit margin to the buyer.
Musharaka is a joint venture or partnership structure in Islamic finance where profits and losses are shared among partners according to predetermined ratios.
A covenant in a loan agreement where the borrower promises that the loan in question will rank equally with its other defined debts, ensuring no preferential treatment among creditors.
A Public Limited Company, abbreviated as PLC or (c.c.c.) in Welsh, is a type of company whose shares are traded freely on a stock exchange and can be bought by the general public. These companies adhere to more complex regulations and scrutiny to ensure transparency and protect investors.
A detailed explanation and examples concerning the term 'Sans Recours' or 'Without Recourse', often used in the world of finance and accounting to limit the liability of the seller.
Shirkah refers to an essential concept in Islamic finance, embodying the idea of partnership and collaboration where two or more parties share profits and losses from a venture according to an agreed ratio, underscoring principles of risk-sharing and fairness.
An annual publication by the Office for National Statistics, the UK National Accounts, also known as the Blue Book, includes detailed figures on the gross domestic product and separate accounts of production, income, and expenditure.
Ultra vires is a Latin term meaning 'beyond the powers,' used to denote actions taken by officials or corporations that exceed the authority granted to them by law or constitutive documents.
Unintended or unplanned investment refers to a buildup in inventory when sales are less than anticipated. This situation forces a company to invest in the excess inventory until sales catch up, during which production may be reduced or halted.
