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ABATEMENT OF BEQUEST

The procedure that will be carried out when there is not enough money in an estate to fulfil all debts and bequests.

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ABATEMENT OF TAX ASSESSMENT

Decreasing the amount of tax that is imposed upon a person.

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ABATOR

A person who takes a property before the heir has a chance to get the property.

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ABBREVIATED ACCOUNTS

A simplified financial statement that a specific small firm is allowed to file. It is filed with the registrar of companies in the United Kingdom. Almost half of the active UK firms have chosen abbreviated accounts for their companies. Another term for abridged accounts.

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ABBROCHMENT

Purchasing items in wholesale in order to sell them as retail. This prevents competitors from buying the good creating a monopoly. Abbroachment is another term for this business transaction.

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ABC AGREEMENT

When an employee and brokerage firm do business this is the resulting contract. It is done in the form of an outline that lists the rights of the firm. This agreement is applied when an employee opts into the New York Stock Exchange.

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ABC ANALYSIS

A systems analysis of items in order of importance that should be handled differently. This form of Pareto analysis in which the importance is listed by 'A' items are very important, 'B' items are important, 'C' items are marginally important.

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ABC INVENTORY CLASSIFICATION

The Pareto analysis as related to inventory control. There are three categories for the items in question. This is based on their revenue generation, turnover, or value. Typically this is done on the ABC model where an A is the best stock and C is the worse stock. Other terms for this concept are usage value analysis and ABC analysis.

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ABDICATE

Disowning, relinquishing completely and to renounce.

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ABDUCTION

A criminal offense. The taking by force or strong persuasion of a wife, husband, child or other person.

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ABDUCTIVE REASONING

A reasoning methodology that uses common facts that are accepted as true and using them to build your argument.

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ABEND

An abnormal or abortive end to a computer program. This system crash is usually caused by a glitch or a memory overload.

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ABET

Refer to aid and abet for further explanation.

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ABETTOR

The person promoting or instigating the performing of a criminal act. See instigation.

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ABEYANCE

The status of real estate ownership when no clear owner is present and must be determined.

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ABEYANCE IN

Being in expectation. An estate will be in abeyance when there is no one to claim it. The law does anticipate that the heir will be found and the estate will ne longer be abeyance.

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ABILITY

1. Human Resource Management: A natural capacity of an individual to complete the task at hand. Refer to the definition of aptitude. 2. Law: The ability to agree and act upon a legal obligation.

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ABILITY TO PAY

An individuals ability to manage their disposable income to pay a tax or loan. This is called capacity and is a deciding factor in loan decision. It is also called the five C's of credit and fixed charge coverage ratio.

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ABILITY TO PAY PRINCIPLE

A principle in economics that those with more wealth should pay higher taxes. This balances those with a lesser income who cannot afford to pay as much.

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ABILITY TO PAY TAX

Refer to the definition of pay principle for clarification.

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