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Title |
Teaser |
|---|---|
| LEDGER |
book in which all accounts of the business are kept. In effect, the ledger is a classification... |
| Legal Capital |
The permanent amount of capital defined by state law that must remain invested in the... |
| LEGAL CAPITAL |
amount of stockholders' equity that cannot be reduced by the payment of dividends. It is defined... |
| LEGAL EXCHANGE INFORMATION SERVICE (LEXIS) |
on-line data base containing laws, legal cases, and tax regulations of interest to practitioners... |
| LEGAL LIABILITY |
1. obligation with specified terms and conditions by which a defined payment amount in money,... |
| Lenders |
Suppliers and financial institutions that lend money to companies. |
| LESS-DEVELOPED COUNTRIES (LDC) |
term used for economically poor nations exporting raw materials, fuels, minerals, and some food... |
| LESSEE |
individual paying a rental fee to the LESSOR for the right to use real or personal property. The... |
| LESSOR |
owner of real or personal property who gives another the right to use it in return for rental... |
| LETTER OF CREDIT (L/C) |
financial instrument normally issued by the buyer's bank in which the bank promises to pay money... |
| LETTER OF RECOMMENDATION |
auditor's letter addressed to the client. It contains the public accountant's conclusions... |
| LETTER OF REPRESENTATION |
|
| LEVERAGE |
term commonly used in finance and accounting to describe the ability of fixed costs to magnify... |
| LEVERAGED BUYOUT |
acquisition of one company by another, typically with borrowed funds. Usually, the acquired... |
| LEVERAGED LEASE |
1. lease arrangement of property financed by someone other than the lessee or lessor. A long-... |
| LEVY |
imposition or collection, usually by legal or governmental authority, of an assessment of a... |
| Liabilities |
Probable debts or obligations of the entity that result from past transactions, which will... |
| LIABILITY |
amount payable in dollars (e.g., accounts payable) or future services to be rendered (e.g.,... |
| liability |
An obligation to make future payment; debt. |
| LIABILITY TAX ALLOCATION METHOD |
method of computing deferred taxes based on the estimated tax rates to be in effect when the... |
| Licenses and Operating Rights |
obtained through agreements with governmental units or agencies, permit owners to use... |
| LIEN |
right of a party, typically a creditor, to hold, keep possession of, or control the property of... |
| LIFE CYCLE |
movement of a firm or its product through stages of development, growth, expansion, maturity,... |
| LIFE INSURANCE |
policy taken out by the insured to pay the beneficiary a certain amount upon the insured's death... |
| LIFE-CYCLE ANALYSIS |
forecasts of new product growth based on S-curves. Central to the analysis are the phases of... |
| LIFE-CYCLE BUDGET |
estimates of a product's revenues and expenses over its entire life cycle beginning with... |
| LIFE-CYCLE COSTING |
estimates of a product's revenues and expenses over its expected life cycle. The result is to... |
| LIFO Liquidation |
A sale of a lowercost inventory item from beginning LIFO inventory. |
| LIFO Method |
Assumes that the most recently purchased units (the last in) are sold first. |
| LIFO Reserve |
A contra-asset for the excess of FIFO over LIFO inventory. |
| LIMIT ORDER |
instruction to execute an order for a stock only at a specified price or better. The broker... |
| LIMITED AUDIT |
audit of only specific accounts or transactions. |
| LIMITED LIABILITY |
one that does not go beyond the owner's investment in a business. A CORPORATION and LIMITED... |
| LIMITED LIABILITY COMPANY (LLC) |
business form that provides limited personal liability, as a corporation does. Owners, who are... |
| LIMITED PARTNER |
member of a partnership whose liability for partnership obligations is limited to the investment... |
| LIMITED REVIEW CPA |
engagement consisting of procedures and inquiries that provide a reasonable basis... |
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