Calendar Year Accounting Period

An accounting period, which for taxation purposes, begins on January 1 and ends on December 31 of the Gregorian calendar.


Call generally means to request or to use an option. Call has a few different meanings that arise in the legal context:

A person “calls” an option when they choose to use a call option for buying an asset. The person gets to buy a...

Call Option

A call option (often shortened to call) is a contract that allows its owner to buy an asset or service from the seller at a certain price until a certain date. The buyer never has to purchase the assets, and the option will terminate at the...


Definition from Nolo’s Plain-English Law DictionaryTo cross out or destroy a document by tearing it up, writing on its face that it is cancelled or void, or otherwise defacing it.

Definition provided by Nolo’s Plain-English Law Dictionary.


Cancellation is the act of destroying a document by making lines through it, tearing it up, or defacing it with the intention of rendering it void. In contract law, cancellation happens when a party to a contract ends the contract due to the...


A cap is a set limit on some form of income, interest, fees, loan, or benefit. Examples of caps:

A loan can have varying interest rates based on the market, but the loan can have a maximum or cap rate of interest. Businesses can set a...


The available assets of a business, including liquid assets (cash) and/or physical assets (machinery, buildings, and equipment).

Capital Account

A shareholder's or owner's account indicating the individual owner's investment plus net income from business operations, minus any net losses from operations, and minus any withdrawals of funds by the owner for personal use.

Capital Asset

Tangible and generally illiquid property used by a business to generate profit, such as equipment and buildings. The usefulness of the asset is expected to extend beyond one year.

Capital Expenditure

Known as CAPEX, capital expenditures describe funds used by a business to upgrade or acquire new physical assets, such as tools and other equipment, for the purpose of attaining future benefits. In the accounting context, capital expenditures are...