The term ledger is an accounting term describing a system that keeps records of various accounts’ financial transactions, such as debit and credit entries. A ledger could be classified into a general ledger and a subledger. Each subledger records the details of a business’s actual transactions.
A lender refers to an individual or financial institution that provides loans to an individual, corporation, or public department in exchange for the principal and interest.
A letter of credit is an instrument issued by a financial institution, usually a bank, which authorizes the bearer to demand payment from the institution. A letter of credit can be general, if it is not addressed to any specific person, or special, if it is addressed to a specific person or entity.
A lien is a security interest or legal right acquired in one's property by a creditor, or lienholder.
A lien creditor is a creditor with a security interest in the debtor’s property to support the creditor’s claim.
The Uniform Commercial Code §9-102(52) defines a lien creditor as:
Liquid assets refer to cash on hand, cash on bank deposit, and assets that can be quickly and easily converted to cash. The common liquid assets are stock, bonds, or certificates of deposit.
Loss carryover, also called a loss carryforward, is a tax rule that permits an unused loss from one tax year to reduce taxable income or gains in a later tax year. A carryover differs from a carryback, which applies a loss to an earlier year. The existence, amount, character, and expiration of a carryover depend on the type of loss, the taxpayer, the year in which the loss arose, and the governing federal or state law.
Management discussion and analysis (MD&A) refers to Item 303 of Regulation S-K which requires the registrant’s management to give a narrative discussion of the company’s financial performance.
