Abbreviated accounts, formerly known as modified accounts, are simplified financial statements that small companies in certain jurisdictions can file instead of full statutory accounts.
The Chicago Mercantile Exchange (CME), often nicknamed 'MERC,' is a prominent financial exchange that facilitates trading in various types of futures, futures options, and foreign currency futures contracts.
Fair Value Accounting involves the valuation of financial obligations according to pricing models rather than their current market price, especially when there's no active market presence.
The geometric mean is a type of mean that is calculated by taking the n-th root of the product of n numbers. It is particularly useful for sets of numbers whose values are meant to be multiplied together or are exponential in nature, such as rates of growth.
A measurement of production in terms of the time taken for a machine operation to complete a given amount of production.
Machine Hour Rate is an absorption rate used in absorption costing, calculated to allocate overheads to products based on the hours machines are used in the manufacturing process.
Machine language is the set of binary instructions that a computer's central processing unit (CPU) can execute directly. Each statement in machine language, often represented in binary code, corresponds to one specific machine action, allowing for highly efficient program execution but posing significant challenges for programming due to its lack of human-readable commands.
A printed pattern that can be read or scanned by a specific device, usually an electronic device. This technology is crucial for various applications such as grocery product labels, checks, and more.
Machine scanning involves using optical scanning devices to facilitate data input by reading printed data and converting it into computer-readable electronic signals. These optical scanners can be utilized for reading text, graphics, or special marks.
Machinery and plant refer to various types of equipment and fixtures used for manufacturing and industrial purposes. These assets are key components in business operations, typically classified under fixed assets on the balance sheet.
The Apple Macintosh computer, introduced in 1984, which was the first widely used computer with a graphical user interface (GUI).
Macros are a series of computer keyboard or mouse actions recorded to be replayed. They are typically used to automate repetitive tasks in software applications, increasing efficiency and reducing the possibility of human error.
Macroeconomics is the branch of economics that studies an economy as a whole, focusing on large-scale factors such as national productivity and inflation, and how various sectors and factors interrelate to form a broader economic landscape.
The macroenvironment encompasses the overall and broad conditions affecting societies and organizations globally, highlighting the interaction of national and international institutional forces.
An informal name for a company with the potential to grow quickly, providing it can obtain substantial capital; risks are likely to be high. The information technology industry is an example of a sector that has included a number of mad dogs.
Madison Avenue is a famous avenue in New York City historically known as the hub of the advertising industry, housing major advertising agencies. While many agencies have expanded nationally and internationally, they maintain a significant presence in New York City.
The Madoff Scandal was the largest Ponzi scheme in history, operated by Bernard Madoff, which resulted in estimated client losses of nearly $65 billion.
The largest of the four stock exchanges in Spain, the others being located in Barcelona, Bilbao, and Valencia. All exchanges now use a centralized settlement system for trading and clearing.
Magnetic Ink Character Recognition (MICR) is a technology used to verify the legitimacy and improve the processing of checks and other documents by using ferromagnetic ink, enabling characters to be read and sorted automatically.
An MAI Appraisal refers to a real estate appraisal conducted by a person who holds the MAI designation, granted by the Appraisal Institute, signifying a high level of experience and expertise in commercial real estate valuation.
Mail fraud is the use of postal services to carry out fraudulent schemes designed to deceive consumers.
Companies that market and sell products directly to consumers through catalogs and online platforms, shipping merchandise directly to customers' homes or offices.
A compilation of possible customers prepared as a list for use in direct-mail solicitation.
The premier market for the trading of equities on the London Stock Exchange, featuring stringent listing requirements and greater liquidity compared to the Alternative Investment Market.
The primary product that results from a manufacturing or production process, holding the greatest economic significance compared to any by-products or joint products.
A mainframe computer is a large, powerful computer system capable of supporting hundreds of users simultaneously. Mainframes are typically used for critical applications by large organizations.
Mainstream Corporation Tax (MCT) was formerly a key component of the corporation tax system in the UK, calculating a company's tax liability for an accounting period after the offsetting of Advance Corporation Tax (ACT), which was abolished in 1999.
Maintenance refers to the necessary care and management of equipment and operations, involving the regular checking, servicing, and repairing of machinery to forestall total breakdowns and ensure the consistent performance of a system.
A legal instrument posted by a contractor or craftsman to guarantee that completed work is free of flaws and will perform its intended function for a specified period of time.
Maintenance expense refers to the costs incurred in performing the maintenance function, classified under different overheads depending on the department or use.
A maintenance fee is a periodic payment made by property owners or account holders to cover the costs of upkeep and operations, particularly in real estate or financial accounts.
A requirement for union members to keep their membership for the duration of a labor agreement. Workers are not required to join unions under this arrangement.
A form of supplemental medical insurance that covers medical costs not included under basic health and hospitalization insurance. Typically, the insured is required to pay a deductible before the major medical insurance plan begins to pay for covered services.
The term 'majority' can refer to more than half of a group, especially in voting contexts, or the age at which a person is considered legally independent and responsible for their actions.
A majority shareholder is an individual or entity that holds more than half of the outstanding shares of a corporation, thereby having significant influence and control over company decisions.
A strategic choice in business operations regarding whether to produce goods internally or to purchase them from external suppliers. It involves evaluating various factors including cost, capacity, quality, and opportunity costs.
The term 'make-work' refers to the uneconomic utilization of the workforce, where jobs are created not for their value or necessity but to provide employment opportunities.
The term 'maker' has distinct meanings depending on the context. Generally, it refers to a producer of a product, such as a car manufacturer. In commercial law, it specifically designates the person who executes a note or endorses it before its delivery to the payee, thereby assuming the obligation to make a payment.
Male chauvinism refers to an attitude of superiority or dominance by men over women, regardless of all other factors being constant. A male chauvinist discriminates against women by applying stereotyped ideas.
Malicious Mischief refers to the intentional damage or destruction of another person's or business's property, often requiring specific insurance coverage for protection against such risks.
A detailed examination of the term 'malingerer,' which refers to an employee who pretends to be ill to avoid work responsibilities.
A mall is a public area that connects individual stores within a shopping center, generally enclosed for a convenient and climate-controlled shopping experience.
Malpractice refers to the improper, illegal, or negligent professional activity or treatment, especially by a medical practitioner, lawyer, or public official.
Malpractice insurance provides coverage for professionals against claims of negligence, mistakes, or failure to perform their professional duties, protecting them from potential legal and financial repercussions.
The Malthusian Law of Population is a proposition by the early 19th-century philosopher Thomas Malthus that suggests economic growth occurs more slowly than population growth, implying that general prosperity is impossible. Malthus did not account for the rapid increases in productivity brought on by industrialization.
Malware, short for 'malicious software,' refers to a broad category of malicious programs designed to harm, exploit, or otherwise compromise a computer system, server, or network. It encompasses various types such as viruses, worms, trojans, and spyware.
A unit of labor or productivity representing the work one person completes in one hour. It is used to measure the labor content of a project, helping in accurate cost projection.
Managing involves administering an organization's activities to achieve particular objectives. It includes planning, organizing, leading, and controlling resources.
An investment account consisting of money that one or more clients entrust to a manager, who decides when and where to invest it. Such an account may be handled by a bank trust department or by an investment advisory firm.
Managed care is a health care delivery system organized to manage cost, utilization, and quality. Managed Care Plans are a type of health insurance they have contracts with health care providers and medical facilities to provide care for members at reduced costs.
Managed costs are specific expenses that a company can control or influence through internal decisions, strategic planning, and efficient resource management. Careful handling of managed costs can significantly impact a company's operational efficiency and overall profitability.
A managed currency is a type of currency whose international value and exchangeability are heavily regulated by its issuing country. It often involves strategic interventions by the country's central bank to stabilize or control the currency's value in the international market.
A managed economy is one in which the government intervenes extensively to direct economic activity. Such intervention is characteristic of socialist and communist economies, in stark contrast to capitalist economies where market forces predominantly guide economic activity.
A managed float, also known as a dirty float, is an exchange rate system where a currency’s value is primarily determined by market forces but is also occasionally adjusted by the central bank to stabilize or reach specific targets.
A managed service company (MSC) is a type of business entity that primarily provides the services of an individual while compensating that individual through dividends and expense payments rather than a traditional salary. Changes in tax law from 2007 have brought PAYE regulations to apply to these companies.
Management involves the combined fields of policy and administration, as well as the people who provide the decisions and supervision necessary to implement the owners' business objectives and achieve stability and growth.
Management accounting involves techniques used to collect, process, and present financial and quantitative data within an organization to aid in performance measurement, cost control, planning, pricing, and decision making. The Chartered Institute of Management Accountants (CIMA) is the major professional body for management accountants in the UK.
The Management Action Planning (MAP) technique is a management simulation tool used for management development training. It allows group members to define their task groups by choosing those people most appropriate for working in them.
A Management Agreement is an administrative understanding allowing individual managers to control specified organizational activities for a particular period of time. It also exists between companies in which an intercompany agreement is developed to manage certain activities cooperatively.
A comprehensive, independent review of all aspects of an organization's management practices and procedures.
Management Buy-In (MBI) is the acquisition of a company by an external team of managers, often financed by a venture-capital organization. It involves bringing in new management to revitalize a target company and optimize its operations.
A Management Buy-Out (MBO) is a form of acquisition where a company's managers purchase the business, gaining control and equity in the company. This often occurs as an alternative to closure or spin-off by the parent company.
Management by crisis is a reactive method of administration where strategies are formulated as events occur. This approach can lead to organizational confusion and often involves short-sighted policies.
Management by Exception is a management principle where decisions that cannot be handled at one level are escalated to higher levels. It is also used in budgetary control to focus on significant variances, leaving small variances without intervention.
Management by Objectives (MBO) is a strategic management approach wherein performance goals are jointly determined by both management and employees, fostering alignment and mutual agreement on objectives and performance standards.
A management technique in which all levels of management are encouraged to specify quantitative and/or qualitative objectives to be achieved within a set period. Managers must then answer to higher levels of management for the actual performance achieved against these objectives.
Management by Walking Around (MBWA) is an innovative management technique that emphasizes informal communication, direct engagement, and real-time observation in the workplace. The objective of MBWA is to foster a harmonious organizational culture, ensuring effective collaboration between management and employees while keeping management informed of the latest operational developments.
A management company provides various services to manage and oversee the operations, administration, and maintenance of businesses or investments, usually in exchange for a fee.
A management consultant is an individual or organization acting in a professional management advisory capacity for the purpose of assisting managers in analyzing management problems. Working on a fee basis, consultants make practical management recommendations and provide actual services for the employing organization.
The management cycle refers to the established periods in which specific management operations occur, typically including processes such as planning, executing, monitoring, and closing projects or tasks.
In the USA, the section in the annual report to stockholders and in Form 10-K that is required by the Securities and Exchange Commission. The purpose of the MD&A is to assist investors to understand the impact of changes in accounting and business activity that have affected comparisons with the results of previous years.
A management fee is a charge against assets for the administration and management of portfolios, funds, or real estate properties. It encompasses services such as investment management, shareholder relations, administration, rent collection, maintenance, and bookkeeping.
A simulation exercise designed for management applications and used for training purposes. Management games can be group or individual exercises, with an increasing number of them being computer applications.
A comprehensive manual or collection of organizational policies intended for use by managers, outlining the procedures and policies for resolving particular situations within an organization.
A Management Information System (MIS) is a structured system providing comprehensive organizational information to management for decision making in areas such as control, operations, and planning. It relies heavily on a robust data management system, including a database that assists in accurate and rapid decision-making.
An information system designed to provide financial and quantitative information to all levels of management in an organization. Modern MIS solutions provide data from integrated computer databases constantly updated from all organizational areas in a structured manner.
A Management Information System (MIS) is an organized approach to gathering critical data and information, which supports decision-making processes within an organization. MIS integrates technology, people, and business processes to facilitate efficient management operations.
A letter written by an auditor to the management of a client company at the end of the annual audit to suggest possible improvements to the company's accounting and internal control systems or to communicate other beneficial information.
Management prerogative, also known as management rights, refers to the rights believed by management to be exclusively theirs and not subject to bargaining in a collective bargaining contract.
The Management Ratio refers to the ratio of management personnel to 1,000 employees, further broken down into the ratio of top management and middle management personnel per 1,000 employees. It's a critical measurement for evaluating organizational structure and management efficiency.
Management Science pertains to the study of management with a focus on using mathematics and statistics to resolve production and operations problems. It provides management with a quantitative basis for decision-making.
The leadership method a manager uses in administering an organization, which significantly influences both organizational culture and performance.
The management system encompasses various comprehensive methodologies and leadership styles aimed at streamlining organizational processes and improving efficiency.
A manager is a person responsible for administering and directing an organization's activities to achieve its goals efficiently and effectively.
Managerial accounting is the practice of using financial accounting records as basic data to enable better business planning and decision-making. It is designed to aid in decision-making, planning, and control within a business organization.
A managerial integrator is a staff manager responsible for coordinating the functions and activities of various departments to achieve maximum cooperation and productivity without direct operational responsibilities.
A mandate is a written authority given by one individual (the mandator) to another (the mandatory), allowing the latter to act on the former's behalf. This authority can cover matters such as banking instructions and legal representation.
Certain liquid assets, the structure and nature of which are defined by regulatory requirements, that a bank is required to maintain on its balance sheet. These requirements serve both as instruments of monetary control and protection against 'runs' on banks.
Mandatory Liquid Assets (MLA) are specific financial reserves and assets that regulatory authorities require banks and financial institutions to maintain to ensure liquidity and financial stability.
Mandatory retirement, also known as compulsory retirement, refers to a policy or practice that requires employees to retire at a certain age—typically established by an organization or governmental policy.
Exploring the essential topics that must be discussed during collective bargaining negotiations, such as hours, medical benefits, pensions, and wages.
A detailed statement of the contents loaded on a ship or other vehicle, used for cargo identification and safety purposes.
Manipulation refers to creating a false appearance of active trading or controlling by shrewdness or influence. In finance, it's illegal and subject to penalties. In psychology, it involves behavior to control others.
A manual can signify both a small reference book or guide or refer to physical labor performed by hand. These differing definitions encompass manual tasks ranging from concise written instruction guides to hands-on occupations that involve manual effort.
Manual skill refers to the ability to use one's hands effectively and efficiently to perform specific tasks or operations. Individuals with high manual skill are said to have great dexterity.
Manufacture refers to the process of making or fashioning products, often in large quantities, using hands or machinery. This term is commonly associated with industrial production, where raw materials are transformed into finished goods.
A subdivision of plots designed for siting manufactured homes. Plots are generally leased to manufactured home owners and include utilities, parking space, and access to utility roads. Many parks include amenities like swimming pools and clubhouses.
Manufactured housing refers to dwelling units or modules manufactured in a factory and designed for transport to a site where they are semipermanently attached. This category includes mobile homes as well as factory-built modules that are assembled onsite into complex residential structures.
A manufacturer's representative, also known as a manufacturer's rep, is a salesperson or sales agent who works on behalf of the company that produces a product. These representatives are responsible for promoting, selling, and servicing the products manufactured by their company or an assortment of related companies.
The Manufacturer's Suggested Retail Price (MSRP) is the price at which the manufacturer recommends that retailers sell a particular item. It is a suggested guideline for pricing, not a mandatory rule.
