Legal Standards

Daubert Standard (Test)
A standard used in court proceedings to determine the admissibility of expert witness testimony, focusing on the relevance and reliability of the testimony.
Legal Form
A legal form is a structured model of a legal document that contains the necessary phrases and words of art required to ensure the document is procedurally correct in accordance with legal standards. The meticulous arrangement of such forms serves as a template for drafting legally binding documents such as contracts, wills, or pleadings, ensuring their compliance with specific legal requirements and formalities.
Penalty for Repeated Errors
Penalties for repeated errors are imposed to discourage consistent inaccuracies in tax filings or financial reports. These penalties serve as a deterrent for habitual mistakes and ensure compliance with legal standards.
Reasonable Man / Reasonable Person
A hypothetical individual in society who exhibits prudent attention, knowledge, intelligence, and judgment for the protection of their own interests and the interests of others.
Unethical
Unethical behavior or practices refer to actions or conduct that are not in accordance with the established standards of behavior within a business or profession. Being unethical can encompass a wide range of actions that violate moral principles, legal standards, or rules of conduct set by governing bodies in various fields.

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.