business law

Definition

A professional who engages in accounting, which involves preparing and auditing financial statements, bookkeeping and financial analysis. 

An accountant may also be qualified to give individuals or corporations tax advice and prepare tax returns.

Definition

1) The procedure of recording, analyzing, summarizing and classifying the financial transactions and information of a person or business which aids in accurate administration of resources. 

2) A plaintiff's legal action to recover money owed to the plaintiff by the defendant. Also known as accounting for profits.

Definition

Any method of depreciation used by businesses for accounting or tax purposes that allows greater deductions in the earlier years of the life of a company asset, as opposed to the straight-line depreciation method.

Accelerated depreciation can be a useful tax incentive because it permits companies to defer payment of corporate income taxes by reducing the amount of taxable income each year.  This in turn results in increased cash flow, encouraging companies to purchase more assets.

See also 

• Acceleration clause

See also

• Acceptance

Definition

To formally annul or repeal a law through an act of the legislature, constitutional authority, or custom.

Contract and Insurance law: to rescind or terminate a contract.