business law

A business' financial statement that measures its revenue performance over the course of a specific accounting period.

The owner of property or assets.

An agreement between a company and its top executive providing lucrative benefits in the event employment is terminated, usually due to a change in company ownership. 

The formal and main accounting ledger of a company which contains all of the business' financial accounts and statements.

Where double-entry bookkeeping entries are first recorded as they occur in time.  It serves as an aid for transferring the entries later to official accounting records.

Various non-wage employee benefits that are in addition to normal wages.  Some fringe benefits are exempt from taxation, provided certain conditions are satisfied.

Examples of fringe benefits are health insurance, life insurance and employee discounts.

A state law levied on businesses or corporations chartered within that state.  The tax is typically based on the net worth of the taxpaying entity, rather than on income.

Also known as plant, it is tangible, long-term assets or properties that are not consumed or easily converted into cash.  Fixed assets are often used in the production of income.

The 12-month period over which a company reports its spending and income.  It is measured by the first day of the month through the last day of the twelfth month.

Federal legislation permitting the government to impose a tax on business in order to fund state unemployment agencies.  Employers must file a Form 940 annually to report this tax.