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GLOSSARY OF TERMS
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GLOSSARY OF TERMS
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Management Accounting
Accounting concerned with providing information to managers; that is, to those who are inside an organization and who direct and control operations. Management Accounting includes cost accumulation for product costing, budgeting and financial statement analysis.
An LLC may be operated by a group of managers who act much like a board of directors. If an LLC is to be controlled by mangers this fact must be stated in the articles of organization.
The highest price that an owner could realize in an open market transaction. See Fair Market Value.
A term used to describe the significance of financial statement information to decision makers. An item of information is material if it is probable that its omission or misstatement would influence or change a decision.
A member is a person who is an owner of a Limited Liability Company. The members make the business decisions of an LLC unless the articles of organization provide that the LLC will controlled by a manager or managers.
Merger occurs when one corporation is taken over by another.
A written record which details the events of the corporation. These records should be kept in the corporation’s record book.
The equity of all shareholders who do not hold a controlling interest in a company.
Financial markets in which short-term debt instruments such as Treasury bills, commercial paper and CD’s are traded.
The name of a corporation or LLC must be distinguishable on the records of the state government. If the name is not unique, the state will reject the articles of incorporation or articles of organization (for LLCs). A name can be reserved, usually for 120 days, by applying with the proper state authorities and paying a fee.
Profit after all expenditures have been deducted from the revenue. See Profit.
Excess of total assets over total liabilities as reported in a company’s balance sheet. See Capital (or Equity)
Stock with no minimum value. Most states allow no-par stock. If the stock is no-par stock then the amount of stated capital is an arbitrary amount assigned by the board of directors. Further, the value of capital for franchise tax purposes is determined by the state and this may result in higher franchise taxes in comparison with low par-value stock.
Written promise made by one individual to another to pay a specific amount on demand or by a definite date.
Written promise by another party to make payment to you at a specified date.
A Corporation organized for some charitable, civil or other social purpose that does not entail the generation of profits for shareholders. These corporations receive special tax treatment. Not-for-profit corporations must file not-for-profit articles of incorporation with the state.
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