The British Accounting and Finance Association (BAFA) is the primary organization for accounting academics in the UK. It provides a platform for networking, research, and dissemination of financial knowledge through its quarterly journal, the British Accounting Review.
Broadband is a high-capacity transmission method that provides multiple channels of data, voice, or video over a single telecommunications medium, commonly used for high-speed Internet connections like cable and DSL. It allows for simultaneous transmission of voice and data over the same line, standing in contrast to traditional dial-up connections.
A personnel system that collapses numerous pay ranges and classifications into a smaller number of broader pay ranges and classifications, offering an organization high flexibility and responsiveness in salary and job grouping.
A flyer or small book used to advertise or describe a product for sale or service available.
A broken lot refers to an incomplete set of merchandise, often resulting from damage or improper packaging.
An agent who brings two parties together, enabling them to enter into a contract to which the broker is not a principal.
The interest rate at which stockbrokers borrow from banks to cover the securities positions of their clients, typically hovering close to the prime rate.
A broker-dealer is an individual or firm that buys and sells securities for its clients and its own account. Broker-dealers play a crucial role in the securities industry, providing liquidity and facilitating the trading of securities.
An analysis conducted by a real estate broker to assist a buyer or seller with determining the listing price of a property or an appropriate bid for purchase. Also known as Comparative Market Analysis (CMA), a BOV helps in making informed real estate decisions.
Brokerage refers to the business or activity of a broker, which involves facilitating transactions between buyers and sellers in exchange for a commission. This term also refers to the commission earned from such transactions.
Commission paid by the seller in a transaction to the broker who arranged the sale, based upon some percentage of the selling price. A brokerage allowance usually refers only to transactions in which the broker does not take possession of the goods sold.
A Brokered Certificate of Deposit (Brokered CD) is a type of CD issued by banks or thrift institutions but bought in bulk by brokerage firms who then resell it to their clients. These CDs often offer higher interest rates compared to those offered directly by banks.
The Brookings Institution is a nonprofit organization based in Washington, D.C., known for producing scholarly studies on significant economic, political, and social issues.
In book-keeping, 'brought down' (abbreviated as b/d) refers to an opening balance that has been transferred from the previous period to the current ledger.
In bookkeeping, the term 'brought forward' (b/f) describes an amount that is the total of the corresponding column on the previous page, helping ensure continuity and accuracy in financial records.
Brownfields are sites whose former use involved hazardous materials. These can range from discontinued manufacturing facilities to shut-down military bases and abandoned gasoline stations. Federal programs exist to transform these sites into safe areas for redevelopment.
To explore the contents of a local disk drive, a computer network, or the Internet.
A computer software application used to view and navigate the World Wide Web and other Internet resources.
A situation in which asset prices are seriously inflated can lead to a market crash. Notable examples are the South Sea Bubble, the dot-com bubble, and the mid-2000s housing bubble.
A bucket shop is a derogatory term for a brokerage firm or similar financial entity known for questionable practices and typically lacking membership in established trade organizations.
A comprehensive financial or quantitative statement prepared prior to a specified accounting period, containing the plans and policies to be pursued during that period.
A budget centre is a segment within an organization for which budgets are prepared and compared against actual performance as part of the budgetary control process.
A committee responsible for overseeing and managing the budgetary control process within an organization, including the preparation, scrutiny, and submission of budgets for approval.
A budget constraint represents the various combinations of goods and services a consumer can purchase given their income and the prices of goods and services. It forms a crucial element in consumer choice theory within economics, illustrating the trade-offs consumers face as they allocate their limited resources among competing needs and wants.
Budget Cost Allowance refers to the amount of budgeted expenditure that a cost centre or budget centre is allowed to spend in relation to its budget, with consideration to the actual level of activity achieved during the budget period. It distinguishes between fixed and variable costs to adjust expenditure limits.
A budget deficit occurs when expenditures exceed income, and it can affect governments, corporations, and individuals. It necessitates funding solutions like issuing treasury bonds or reducing expenses.
A budget director is responsible for the administration of the budgetary control process within an organization. They coordinate the flow of information between budget centers, the budget committee, and the board of directors.
A budget expenditure head is a method of analyzing a budget and presenting financial statements under major headings, each of which is managed by a particular manager responsible for overseeing the budgeting and control within their area.
In economics, a budget line represents the various combinations of two items or services that a consumer can afford given their income and the prices of those items or services.
A detailed manual outlining the administrative procedures and operations for the effective management of a budgetary control system, including the roles and responsibilities of the budget committee and budget centers, timetable for budget preparation, and procedures for budget revision.
A budget mortgage is a type of mortgage that necessitates monthly payments covering property taxes and insurance alongside principal and interest.
A budget period is a designated timeframe during which a specific budget is planned and implemented, aligning closely with the accounting periods utilized by the organization. Typically, this period spans a year but can be broken down into shorter control periods like months or quarters for enhanced financial oversight.
Budget planning is a critical managerial accounting function where future activities and operational plans of an organization are transformed into detailed budgets to forecast revenues, expenses, and financial goals.
Budget slack refers to the excess funds that managers intentionally create by overestimating costs or underestimating revenues in budget preparation, often aiming to meet performance evaluations or safeguard against uncertainties.
Budgetary control is the process through which financial control is exercised within an organization by preparing budgets for income and expenditure in advance, comparing them with actual performance, and taking necessary actions on variances.
Budgeted capacity, also known as normal capacity, refers to the productive capacity available in an organization for a budget period as stipulated in the budget for that period. This may be expressed in terms of direct labor hours, machine hours, or standard hours, providing a crucial metric for organizational planning and resource allocation.
A cost included in a budget representing the expected expenses to be incurred by a budget center, cost center, cost unit, product, process, or job.
Budgeted Revenue refers to the estimated income that a business anticipates achieving during a specific budget period, as planned and documented in its budget.
A buffer is a temporary storage area used to hold data being transferred between two devices that operate at different speeds. It ensures smooth data processing and prevents bottlenecks.
A buffer stock is used in agriculture to stabilize the price of commodities. The government purchases excess production for storage and sells that storage stock in years of low production. In general, the use of buffer stocks stabilizes commodity market price swings.
A buffer zone is a transitional area between two regions with differing predominant land uses, designed to minimize conflicts and promote harmony.
An error in a computer program that can manifest as either syntax errors, meaning the rules of the programming language were not followed, or logic errors, meaning the program does not do what it is supposed to do.
Taxable bonds issued by municipalities and designed to encourage spending on infrastructure and create jobs. The issuance of these bonds was authorized by the American Recovery and Reinvestment Act of 2009, and the program ended on December 31, 2009.
An arrangement where a landowner funds the construction of a building tailored to a tenant's specifications on their land, subsequently leasing the land and building to the tenant.
Builder Standard refers to the lowest level of functional performance for a construction feature or appliance that will be installed in a new or remodeled house.
Regulations established by a local government that outline the minimum structural requirements for buildings, addressing foundation, roofing, plumbing, electrical work, and other aspects of safety and sanitation.
A building line is a line fixed at a designated distance from the front and/or sides of a lot, beyond which a building or structure may not extend. It is a regulatory boundary ensuring orderly development, promoting safety, and mandating aesthetic consistency.
A Building Loan Agreement is a contract where the lender advances funds to the property owner at specific construction milestones, ensuring continuous cash flow during various construction stages such as foundation completion and framing.
A building permit is permission granted by a local government to build a specific structure at a particular site. The number of residential building permits often forecasts the number of housing starts.
A financial institution traditionally engaged in accepting deposits and making loans for house purchases or improvements, predominantly found in the UK, Australia, South Africa, Ireland, and New Zealand.
A built-in stabilizer is a feature of a system that automatically tends to stabilize the system toward equilibrium or stability, particularly during economic fluctuations or disruptions.
Refers to a start-up company, typically in the IT field, that is designed to be sold to an acquirer at the earliest opportunity rather than built up into an enduring concern.
A bulk discount is a reduction in price offered by sellers to buyers who purchase goods or services in large quantities.
A dealer on a financial market who expects prices to rise, commonly associated with a bull market, leaving the dealer more likely to be a buyer than a seller, often establishing a long position in hopes of selling at a higher price.
A bull market signifies a prolonged rise in the price of stocks, commodities, or bonds. It reflects investor optimism and confidence, often fueled by strong economic indicators and corporate earnings.
A bulldog bond is an unsecured or secured bond issued in the UK domestic market by a non-UK borrower, which helps diversify investor portfolios and provides borrower access to the UK's capital markets.
A bullet is a small graphical element used to set off items in an unnumbered list. The term originates from the • character, but many other shapes can also be utilized as bullets.
A loan in which the whole of the principal is repaid in a single final payment known as a 'bullet', although interest may be paid in interim payments. Compare with an amortizing loan.
A bulletin is a brief written announcement that arrives with urgency or a title of a business periodical displaying merchandise and price information.
A Bulletin Board Service (BBS) is a computer server running software that allows users to connect through a terminal program. Once connected, users can post messages, share files, read news, and participate in online discussions.
Bullion coins are coins composed of precious metals such as gold, silver, or platinum. They have intrinsic value as bullion and trade based on their metal content rather than rarity or historic value.
Bunching refers to the concentration of gross income, deductions, or credits in one or more taxable years to maximize tax benefits.
The Bundle-of-Rights Theory in real estate law postulates that ownership of realty encompasses a collection of distinct rights that include occupancy, use and enjoyment, and the ability to sell, devise, gift, or lease these rights.
Bundled software refers to additional programs or applications included with the purchase of hardware or other software packages. This practice enhances the functionality and value of the primary product.
Bundling is a marketing strategy that combines multiple products or services into a single package offered at a more competitive price.
A bunny bond is a specialized financial instrument that gives bondholders the option to receive interest payments or additional bonds, commonly referred to as 'coupon bonds.' This flexible feature makes bunny bonds an appealing choice for investors seeking growth through compounding interest.
The burden of proof is the duty of a party in a trial to substantiate an allegation or issue to avoid dismissal or convince the court of the truth of a claim, essential in both civil and criminal lawsuits.
A particular department, agency, or office, often accompanied by the name of a specific agency, such as the Federal Bureau of Investigation (FBI). Bureaus are typically entities within a larger organization or government body, designed to manage specific types of tasks or responsibilities.
The Bureau of Economic Analysis (BEA) is an agency of the U.S. Department of Commerce that produces economic account statistics, aiding in understanding the performance of the nation's economy.
The Bureau of Labor Statistics (BLS) is the principal U.S. federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy. Its mission is to collect, analyze, and disseminate essential economic information to support public and private decision-making.
A bureaucrat is a government employee who follows a rigid procedure in administering the responsibilities of a position. This term often refers to a classical bureaucrat who works according to a set of rules and procedures in an impersonal and methodical manner.
In computer terminology, 'burn' refers to the process of recording information onto an optical disc such as a CD, DVD, or Blu-ray. This action physically etches or inscribes the data onto the medium using a laser.
Burn rate is the speed at which a company is spending its cash. Particularly applicable to start-up enterprises, which may not generate enough new cash flow to offset their rate of spending.
The process of restructuring a company that is in trouble by producing new finance to save it from liquidation, at the cost of diluting the shareholding of existing investors.
Burnout is a state of emotional, physical, and mental exhaustion caused by excessive and prolonged stress or overexertion. It can affect individuals in various fields, leading to diminished productivity and well-being.
A bus is a central set of highly specialized electrical sockets within a computer into which are plugged the CPU, memory, expansion cards, and peripherals. Without a bus, a computer would need separate wires between all components to connect them together. Accordingly, a bus allows a computer to operate more efficiently and simply.
An in-depth exploration of how business assets are treated under capital gains tax, specifically in relation to entrepreneurs' relief and the historical context of taper relief.
A business bad debt is a debt that arises from the operations of a taxpayer's trade or business and has become worthless. Identifying and properly handling bad debt is crucial for accurate financial reporting and tax deductions.
The act of ceasing trading activities within a business, including winding down operations and finalizing outstanding financial obligations.
A Business College is an educational institution that primarily focuses on teaching the clerical and administrative aspects of business, such as typing, word processing, filing, and bookkeeping. It is different from a business school or a college of business found in accredited colleges or universities.
The bringing together of separate economic entities as a result of one entity uniting with, or obtaining control over, the net assets and operations of another.
An overarching term that encompasses various elements that affect the general climate of the economy and political situation, thereby influencing the profitability and prosperity of businesses.
The business cycle refers to the recurrent periods during which a nation's economy moves through phases of recession and recovery. Historical research by economists has identified both short-term and long-term cycles.
The business cycle refers to the fluctuations in economic activity that an economy experiences over a period of time. It consists of expansion, peak, recession, trough, and recovery phases.
A business day typically refers to the hours when most businesses are in operation, commonly from 9 A.M. to 5 P.M. In finance, a business day is defined as a day when financial markets are open for trading.
A business enterprise refers to a commercial entity that is established to conduct business and earn profit. It encompasses all the activities and operations that a business undertakes to produce and sell goods or services.
A business entity is an organization established as a separate entity for the purpose of conducting business. It functions independently of its owners and has its own legal rights and obligations.
Business ethics refers to the moral principles concerning acceptable and unacceptable behavior by business people. It encompasses values and conduct that business executives are expected to uphold to maintain honest and fair practices with the public.
Business etiquette refers to the generally accepted behavior, customs, and manners expected in a professional setting. Following proper business etiquette can foster respect, collaboration, and positive relationships in the workplace.
An extensive look into what constitutes a business for Value-Added Tax purposes and how it relates to the concept of 'economic activity' as defined in EU VAT Directive.
A business gift refers to a present provided by a business to its clients, partners, or employees as part of its promotional, networking, or goodwill strategies. The IRS limits the tax deduction for business gifts to $25 per recipient per year.
Business Intelligence (BI) refers to the technologies, applications, strategies, and practices used for the collection, integration, analysis, and presentation of business information. The primary objective is to support better decision-making within an organization.
Business Intelligence (BI) refers to the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current, and predictive views of business operations.
Business Interruption Insurance provides indemnification for the loss of profits and continuing fixed expenses when a disaster, such as a fire, prevents business operations.
The Business Judgment Rule provides courts' deference to the good-faith operations and transactions of a corporation by its executives. It ensures that reasonable decisions, even if not the most profitable, are protected from legal challenges by disgruntled parties.
Business Liability Insurance provides financial coverage against liability exposures that a business may encounter. This insurance includes various policies tailored to specific areas of operation, ensuring comprehensive protection for different industries.
Coverage providing funds for maintenance of a business as closely to normal as possible in the event of a loss of a key person, owner, or partner.
Business meals are meals that are consumed during the course of business operations, and can include client entertainment, business meetings, and meals during travel. They are typically deductible expenses under certain tax regulations.
A 'Business Name' refers to the legal name under which a sole trader, partnership, limited liability partnership, or company conducts business activities. The selection of a business name is regulated by the Companies Act to prevent misleading names.
A business office is a physical location devoted to the conduct of business activities. It is dedicated to promoting a particular business and is considered a necessary cost of doing business.
