In tax law, proprietorship income refers to the income earned within businesses that are sole proprietorships (owned by one person and not incorporated).
ProQuest Accounting and Tax is an online bibliographical database ideal for academics and professionals in the fields of accounting and tax. Offering a library-based subscription service, it provides abstracts or full-text versions of scholarly papers, trade publications, reference reports, conference proceedings, and academic dissertations.
Strategic advantages and disadvantages regarding a particular situation. For example, the pros and cons of launching a new product at a particular time have to be weighed in terms of competitive and other market factors.
A prospect refers to a potential client, customer, or employee who is expected to engage in a business transaction or association. The term is commonly used in sales, marketing, and HR contexts.
A document that provides detailed information about a new issue of shares or debentures, inviting the public to invest. The prospectus must comply with regulatory requirements and be filed with the appropriate authority.
Protectionism encompasses economic policies designed to restrict imports of goods that compete with domestic producers. It aims to shield domestic industries from foreign competition, thereby enabling local businesses to thrive.
Protective covenants are conditions written into real estate deeds or leases to protect the property owner's interests by regulating use, controls, and restrictions.
Understanding the meaning of protest, including its various forms, examples, frequently asked questions, related terms, online references, and suggested books for deeper knowledge.
A protocol encompasses both formal diplomatic rules of etiquette and a series of rules and conventions that enable communication between different computer systems and applications over a network.
The principal value of an oil or gas property, demonstrated through methods such as prospecting, exploration, or discovery work. Proven property examples include development wells, but exclude wildcat wells.
A financial estimate calculated to cover debts deemed uncollectable during an accounting period. It distinguishes between general and specific provisions based on the likelihood of debt recovery.
Provision for depreciation refers to the allocation of the cost of a tangible fixed asset over its useful life, ensuring accurate representation of asset value in financial statements and compliance with accounting and tax regulations.
An amount set aside out of profits in the accounts of an organization for a known liability, even though the specific amount might not be known, or for the diminution in value of an asset.
A proviso is a condition or stipulation which serves to except something from the basic provision, qualify or restrain its general scope, or prevent misinterpretation.
A Proxy is a person authorized to act on behalf of a shareholder or member of a company during meetings to vote on matters discussed. This authorization includes specific instructions on how the proxy should vote on various resolutions.
A technique used by an acquiring company to attempt to gain control of a takeover target by persuading shareholders to oust the current management in favor of directors favorable to the acquirer.
A Proxy Statement is a document required by the Securities and Exchange Commission (SEC) to be provided to shareholders before they vote by proxy on company matters. It includes information on proposed members of the board of directors, inside directors' salaries, and pertinent information regarding their bonus and option plans.
Prudence involves displaying foresight, caution, and discretion in one's actions. It implies being careful, measured, and avoiding careless or reckless behavior.
The prudence concept is an accounting principle that mandates a realistic view of business activity, emphasizing the inclusion of anticipated revenues and profits in the profit and loss account only upon realization.
The Prudent-Man Rule is a legal standard adopted by some U.S. states to guide fiduciaries in making investment decisions, emphasizing discretion and intelligence in seeking reasonable income, preserving capital, and avoiding speculative investments.
Established in April 2013, the Prudential Regulation Authority (PRA) functions as the UK's prudential regulator for banks, building societies, credit unions, insurers, and major investment firms. It aims to promote the safety and soundness of these institutions and create a more resilient financial system.
Psychic income refers to the non-monetary benefits an individual gains from their work, which gratify psychological and emotional needs. Examples include power, prestige, recognition, and fame.
Psychographics involves determining market segmentation based on consumer psychological profiles. It encompasses various psychological attributes such as interests, values, attitudes, and lifestyle preferences, providing a deeper understanding of consumer behavior.
A Public Accountant is recognized in a few states and refers to those accountants who served the public before the establishment of accountancy laws. They are distinguished from Certified Public Accountants (CPAs).
Public accounting refers to the services provided by Certified Public Accountants (CPAs) to a variety of clients including individuals, businesses, governments, and non-profits. It involves independent auditing and results in the issuance of an accountant's opinion or auditor's report.
A public adjuster is a professional claims handler who legally represents an insurance claimant in the event of major property damage, working to negotiate and expedite fair settlement with the insurance company.
Public Benefit Entity (PBE) refers to a type of not-for-profit organization that exists primarily for social, educational, charitable, or other public benefits rather than for profit generation. These entities are driven by goals that focus on public good.
A public benefit entity (PBE), also known as a not-for-profit organization, refers to an entity whose primary objective is to provide goods or services for community or societal benefits rather than for profit.
A public carrier, often referred to as a common carrier, is an individual or business that advertises to the public for the transportation of goods or passengers for a fee.
A public charity is a type of nonprofit organization that draws its support from a broad base within the community. This can include schools, churches, hospitals, and other organizations. It offers more generous contribution limitations for donors and must adhere to specific criteria regarding its sources of income.
Public choice theory is the application of economic theory to the public sector and the analysis of the demand and supply of government services. It views the public sector as a supplier attempting to maximize its welfare, typically focusing on decisions designed to promote the reelection of incumbent politicians.
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports.
PCAOB oversees the conduct of auditors of public companies to ensure accurate and reliable financial reporting, enhancing investor confidence in the capital markets.
Corporations created by federal, state, and local governments for specific public purposes, including education, health and hospitals, waste removal, and transportation.
Public debt, also known as government debt or sovereign debt, refers to the borrowings by governments to finance expenditures not covered by current tax revenues. It is accumulated by the government through the issuance of securities such as bonds and is an essential part of fiscal policy and economic management.
The term public domain refers to all lands and waters in the possession of the United States and the lands owned by individual state governments, which differ from privately owned lands and waters. It also includes all information that is free from copyright protection, making it available for public use without restriction.
Public employees are individuals employed within the public sector, serving at various levels of government including federal, state, and local agencies, as well as special districts. They may be elected, appointed, or selected through merit-based examinations.
A comprehensive exploration of public examination in bankruptcy proceedings, including its definition, examples, frequently asked questions, and resources for further study.
A Public Finance Accountant is a specialized professional in the field of accounting who focuses on preparing financial accounts and acting as management accountants for government agencies, local authorities, nationalized industries, and other publicly owned bodies.
Public goods are products and services typically provided by the government because they are more effectively managed in the public domain rather than the private marketplace. Examples include national defense, police services, and public parks.
Public housing refers to government-owned housing units that are made available to low-income individuals and families for nominal rental rates. It aims to ensure affordable and adequate housing for those who might not be able to afford it otherwise.
Public Housing Authority Bonds are obligations issued by local public housing agencies, secured through an agreement with the Department of Housing and Urban Development to ensure federal support for necessary financing.
Public Interest refers to values generally thought to be shared by the public at large. However, there is no one public interest; rather, there are many public interests depending upon individual needs.
A Public Interest Entity (PIE) is an organization that operates under the scrutiny of the public eye due to its size, importance, or influence in the marketplace. These entities often include publicly traded companies, banks, insurance companies, and other financially significant institutions.
A public interest entity (PIE) refers to an institution subject to special statutory audit requirements due to the potential broader or more significant consequences of misstatements in its published accounts. This is particularly relevant within the EU regulatory framework.
The Public Interest Oversight Board (PIOB) is an international oversight body established to enhance the quality and credibility of international professional standards in audit, ethics, and education for accountants, thereby protecting the public interest.
An independent body established to oversee the activities of key international accountancy standard-setting bodies to ensure they serve the public interest.
Public Interest Research Groups (PIRGs) are independent, non-profit organizations that promote consumer rights, the environment, and good government through advocacy and research.
Acreage held by the government for conservation and various regulated activities, including grazing, wildlife management, recreation, and mineral development.
A public limited company (PLC) is a type of company under UK, Indian, and certain Commonwealth countries' law which is publicly traded and operates with limited liability.
A company registered under the Companies Act as a public company, authorized to offer shares and securities to the public. A PLC has stricter regulatory requirements compared to private companies.
A public offering involves inviting the public to apply for a new issue of shares or other securities, typically through advertisements in the national press and at a price fixed by the issuing company.
A public offering refers to the process where securities are offered for sale to the general public, typically through a stock exchange. This mechanism allows companies to raise equity capital from a broad investor base.
Public ownership refers to the government ownership and operation of a productive facility or entity for the purpose of providing goods and services to the public, as well as portions of a corporation's stock that are publicly owned and traded in the market.
Public purpose refers to the justification that government must provide in its use of eminent domain to acquire private property for public use. This includes scenarios such as infrastructure projects, public safety, and community development.
A form of communication primarily aimed at image building, dealing with issues rather than specific products or services. Public relations utilizes unpaid publicity across various media, often positioned as news or items of public interest.
A public sale refers to a sale conducted through a notice to the public where members of the public are invited to bid. These sales are typically characterized by transparency and open competition among bidders.
The Public Sector Borrowing Requirement (PSBR) refers to the amount of money the government needs to borrow to cover its expenditures if these exceed its income. It serves as an economic indicator tracking the difference between government expenditures and income from taxes and other revenue streams, typically over a fiscal year.
Public Sector Net Cash Requirement (PSNCR) refers to the amount of money that the government needs to borrow in a specified period to meet its expenditures and obligations, after accounting for its income.
The Public Sector Net Cash Requirement (PSNCR) represents the amount of borrowing needed by the UK government when its expenditure surpasses its income.
Public Use refers to the right of the public to use or benefit from the use of property condemned by the government through the exercise of its power of Eminent Domain. One of the limitations upon this use is that the property taken must serve a public benefit or purpose.
Public utilities are for-profit companies characterized by natural monopolies due to the nature of their business, leading to government regulation to ensure fair pricing and distribution.
Public works are government projects designed for the public good and financed by public revenues. These projects include the construction of infrastructures such as dams, highways, schools, and government buildings.
A Public-Private Partnership (PPP) is a cooperative arrangement between one or more public and private sectors, typically of a long-term nature, designed to finance, build, and operate projects such as public transportation systems, parks, and social infrastructure.
An extensive guide on Public-Private Partnerships (PPP), focused on their utilization in the UK, benefits, drawbacks, and examples such as the private-finance initiative (PFI).
Items of expenditure incurred in carrying out the publicity function in an organization. Publicity costs might include the publicity manager's salary, advertising costs, promotions, and point-of-sale material.
A publicly held corporation is a type of business entity whose shares of common stock are offered to the general public and traded on a national stock exchange.
A publicly traded corporation, also known as a publicly held corporation, is a company that has sold a portion of itself to the public via the issuance of stock on a stock exchange, allowing for liquidity and access to capital.
A Publicly Traded Partnership (PTP) is a limited partnership with interests that are traded on public exchanges or over the counter. This type of partnership is also referred to as a Master Limited Partnership (MLP) and is subject to federal securities law registration requirements.
Published accounts refer to the financial statements of organizations made available to the public in accordance with legal requirements. In the UK, these often relate to limited companies and include documents provided to shareholders and filed with the Registrar of Companies at Companies House, Cardiff.
Puffing refers to the practice of overstating the qualities or characteristics of a property, often utilized by salespersons to enhance a property's attractiveness. While puffing is commonplace in advertising, it can sometimes lead to legal issues if deemed misrepresentation.
A marketing approach where the seller concentrates efforts on the end user through various promotional activities to create demand at the retail level.
An illegal scheme whereby a large stockholder hires a promoter to help publicize, or 'pump,' the stock to inflate its market price artificially. Following this, the stockholder 'dumps' their shares at the inflated price to make a profit.
An economic policy of increasing government expenditures and/or reducing taxes in order to stimulate the economy to higher levels of output. Pump priming measures are temporary, aimed at fostering spontaneous and sustained economic growth.
A punch card is an index card with holes punched in predefined positions to represent data or instructions. Widely used in the 1960s for inputting information into computers, punch cards have since become obsolete, replaced by more advanced interactive terminals and input devices.
A punch list is an enumeration of items that need to be corrected, including repairs, adjustments, or other modifications, which are often identified prior to or after the sale of a machine or building.
Punctuality is the quality of being on time and meeting deadlines. It signifies responsibility and reliability, essential traits in both personal and professional spheres.
Compensation awarded in excess of actual damages, serving as a punishment for the wrongdoer and reparations for the injured. Typically granted in cases of malicious and willful misconduct.
Purchase accounting, also known as acquisition accounting, is the method used in financial accounting to consolidate the financial statements of two companies when one company acquires another. It involves revaluing the acquired company's assets and liabilities to fair value and recognizing goodwill, if any, in the consolidated financial statements.
A Purchase Contract, also known as a Contract of Sale or Purchase Agreement, is a legal document that outlines the terms and conditions under which a buyer agrees to purchase, and a seller agrees to sell, a particular property, item, or service.
The purchase day book, also known as the bought day book or purchases journal, is the book of prime entry where invoice amounts for purchases are recorded.
A Purchase Journal is a specialized accounting book where all purchases made on account are initially recorded. It typically includes details about the date of purchase, supplier name, purchase amount, and other relevant information to maintain accurate financial records.
In the USA, a method of accounting for business combinations in which cash and other assets are distributed or liabilities incurred. The purchase method is used if the criteria are not met for the pooling-of-interests method.
A purchase money mortgage is a loan provided by the seller of a property to the buyer as an alternative to traditional mortgage financing. This option facilitates property sales in scenarios where obtaining a conventional loan is challenging.
A written authorization issued by a buyer to a vendor to supply goods or services at a stipulated price. Upon acceptance by the vendor, the purchase order turns into a legally binding contract.
A purchase requisition is a formal document completed by a user department within an organization and sent to the purchasing department to request the acquisition of specific items. It details the quantity, specifications, potential supplier, required date, and delivery point.
Purchased Goodwill represents the premium amount paid over the fair value of the identifiable net assets during the acquisition of a company, reflecting the value of the company’s brand, customer base, and other intangible elements.
The Purchases Account is used to record transactions involving the acquisition of goods either on credit or for cash. It plays a critical role in managing a company's inventory and financial records.
A comprehensive budget set for the purchasing function of an organization under a system of budgetary control, planning the volumes and costs of purchases to be made in a budget period, typically analyzed by material and accounting period.
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