Legal Status

Alien
An alien is an individual who is not a citizen of the country in which they reside. The term can be further classified into categories such as illegal alien and resident alien.
Citizen
A citizen is a legally recognized subject or national of a state or commonwealth, either native or naturalized. In the context of the United States, a U.S. citizen is an individual who has met specific requirements laid out by the Immigration and Nationality Act (INA).
European Court of Auditors
The European Court of Auditors (ECA) is the independent body responsible for auditing the accounts of European Union (EU) institutions. Founded in 1977 and obtaining legal status under the Treaty of Maastricht in 1992, the court ensures that EU funds are spent legally and efficiently.
Incapacity
Incapacity refers to the lack of legal, physical, or intellectual power or ability to perform a task or make decisions. It is relevant in various legal contexts, such as contract law, where a person must have the capacity to enter into a binding agreement.

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.