Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance Dictionary

ACCOUNT TYPE

A code an account is given to show its general purpose. It can be savings, checking, or brokerage for example.

ACCOUNTS RECEIVABLE

Trade credit created by a company when it permits a client to pay in the future for goods or services that have already been delivered by the company. A client company is

ACIS

The institue of chartered secretaries and adminstrators associate.

ACT OF STATE

An act exercising power or a country that cannot be overturned by the courts.

ACCEPTANCE

1. Agreements: Two parties agree to the terms of a contract. If it is denied a counter off is made until the agreement is reached. Upon agreement the contract is legally binding

ACCOMMODATION

Placing anothers concerns befor your own to solve an issue. This is a good low stakes move to encourage long term business. Refer to accomodations.

ACCOUNTABILITIES

When a trustee must report all asstes entrusted to them. It is done even if the rules are followed to ensure honesty.

ACKNOWLEDGEMENT

Stating that something is true or factual. When a buyer agrees to pay for their purchase. A message that confirms a communication was recieved. An oath done in public. Ensuring a shipment

ACT OF WAR

An insurance policy that protects against losses incurred from war time conflicts or peace time damages as a result of derelict mines or torpedoes.

ACCOUNTABILITY

When one party must report its activities and take responsibility for them. It is done to keep them honest and responsible.

ACCOUNTS RECEIVABLE AGING

The way of showing which customers pay on time and which don’t. How far behind is also added to this calculation. It is used to collect debts and establish credit.

ACMA

The organization of the chartered institute of management accountants associate. Prevalent in the UK.

ACTION

When a party in court exercises its legal rights by means of writ.

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