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Title |
Teaser |
|---|---|
| LUMP-SUM PURCHASE |
acquisition of a group of assets for a single price. The cost should be allocated to the assets... |
| Lower of Cost or Market |
Valuation method departing from the cost principle; it serves to recognize a loss when... |
| LOWER OF COST OR MARKET |
valuation rule based on CONSERVATISM. Certain accounts are shown at the lower of their... |
| Losses |
Decreases in assets or increases in liabilities from peripheral transactions. |
| LOSS OF UTILITY |
decline in usefulness and hence value of an asset. Loss of utility is the reason to write down... |
| LOSS CONTINGENCY |
posting of a future loss that may result from some event or happening (e.g., probable damages... |
| LOSS CARRYFORWARD |
offsetting the current year's net operating loss against future years' (currently... |
| LOSS CARRYBACK |
offsetting the current year's net loss against net income of the previous years (currently three... |
| LOSS |
1. decrease in net assets for which no revenue is obtained and which arises from incidental... |
| Lorenz curve |
A graphic illustration of the cumulative size distribution of income; contrasts complete... |
| LONG-TERM LIABILITY |
obligation payable in money, goods, or services for a period in excess of one year. It is... |
| Long-Term Liabilities |
All of the entity's obligations that are not classified as current liabilities. |
| LONG-TERM DEBT |
monies owed for a period exceeding one year. Examples are bonds payable and long-term notes... |
| long-run competitive equilibrium |
p = MC = minimum ATC. |
| LONG-RANGE BUDGET |
projections that cover more than one fiscal year; also called strategic budgeting. The five-year... |
| Long-Lived Assets |
Tangible and intangible resources owned by a business and used in its operations over... |
| LONG-LIVED ASSET |
one whose future benefit is expected for a number of years; also called long-term asset. It... |
| LONG-FORM REPORT |
detailed report by an external auditor about the examination of a client's financial statements... |
| long run |
A period of time long enough for all inputs to be varied (no fixed costs). |
| LOGISTIC INFORMATION SYSTEM |
one that facilitates shipping, transportation, and warehousing activities. It aims to ensure... |
| LOG |
record kept of the use of an item, often for internal control purposes. For example, in a... |
| LODGING |
facility where one sleeps away from home (e.g., hotel, apartment). For tax years beginning in... |
| LOCKBOX |
box in a U.S. Postal Service facility, used to facilitate collection of customer remittances.... |
| LOCAL AREA NETWORK (LAN) |
linking of microcomputers within a limited area or a common environment. An example is a network... |
| loan rate |
The implicit price paid by the government for surplus crops taken as collateral for loans to... |
| LOAN FUND |
available for loans. Such funds may be restricted in the sense that only the income generated... |
| LOAN CAPITAL |
short- and long-term liabilities that have a due date and provide for interest. |
| LOAN |
agreement by which an owner of property (the lender) allows another party (the borrower) to use... |
| LISTED SECURITIES |
stocks and bonds traded on an organized security exchange such as the NEW YORK STOCK EXCHANGE (... |
| liquidity trap |
The portion of the money demand curve that is horizontal; people are willing to hold unlimited... |
| LIQUIDITY RATIO |
measurement of a business entity's LIQUIDITY, such as the CURRENT RATIO, ACID-TEST RATIO,... |
| LIQUIDITY INDEX |
|
| Liquidity |
is the ability to pay current obligations. |
| LIQUIDITY |
1. ability of current assets to meet current liabilities when due. The degree of liquidity of an... |
| LIQUIDATION VALUE |
cash price or other consideration that can be received in a forced-sale of assets, such as that... |
| LIQUIDATION |
process of closing a business entity, including selling or disposing of the assets, paying the... |
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