Legal Jurisdiction

Chancery
Chancery refers to the jurisdiction exercised by a court of equity, focusing on fairness and justice rather than strictly adhering to statutory laws.
Situs
The place in which an asset is held to be located, determining the applicable laws for rights and liabilities associated with the asset.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.