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GLOSSARY OF TERMS
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GLOSSARY OF TERMS
A B C D EF GH I JKL MN OP QR ST UVWXYZ
S Corporation
A small corporation which elects subchapter S tax treatment. This tax treatment allows the corporation to avoid federal level taxation. Corporate Profits and Losses are passed through to the shareholders.
Collateral for a debt (for example, accounts receivable may be pledged as security for a loan). Security is a generic term used to refer to a bond, share certificate or other medium or long-term investment evidencing debt or ownership.
An interest in a corporation. The total ownership of a corporation is divided into shares of stock. See Stock
Any holder of one or more shares in a corporation. A shareholder usually has evidence that they are a shareholder. This evidence is represented by a stock certificate.
A business carried on by the owner as an individual. The owner of a sole proprietorship is personally liable for all business debts; thus, personal property could be taken to pay business debts. A Sole Proprietorship is an unincorporated business wholly owned by one individual.
The par value of shares multiplied by the number of shares outstanding. The amount of stated capital may effect the ability to pay dividends.
Summary of an account for a period of time (usually one month) showing invoices, credits and balance due. A statement is provided to a customer by a supplier.
A financial statement showing the effect of operating, financing and investing activities effecting the cash position of the company. Also known as Cash Flow Statement, Statement of Cash Flow, Statement of Operating, Financing and Investing Activities, or Statement of Changes in Cash Resources.
See Income Statement.
See Balance Sheet.
A financial statement summarizing the changes in retained earnings for a stated period. Also known as Statement of Changes in Capital Accounts or Statement of Changes in Retained Earnings and Reserves.
Capital of a corporation that is divided into portions or shares. Stock refers to an equity or ownership interest in a corporation. There may be several classes of stock in a corporation, each class divided into equal portions or shares. Ownership of shares is demonstrated by stock certificates. See Share.
A written instrument that shows ownership of shares in a corporation.
A dividend paid by the issuance of shares of capital stock.
See shareholder.
The right to buy shares of capital stock at a stated price on or by a given date. A privilege often extended to executives or employees of a company.
A record book which lists the owners of shares of stock in a corporation.
A corporation controlled by another corporation that owns directly or indirectly an interest sufficient to elect a majority of the board of directors. See Parent Company.
Legal minimization of the impact of taxation.
Illegal attempt to escape the impact of taxes.
Investment to acquire something of value with the expectation it will produce income and reduce or defer taxes.
Legal right to ownership of property.
Debt obligations of the U.S. Government that mature in one year or less.
Shares of stock that were issued and later acquired by the corporation.
Listing and totaling all balances in a ledger to verify that total debits equal total credits.
Fiduciary relationship under which property is held by one person (a trustee) for the benefit of another (the beneficiary).
Money, property or valuables legally held by a person or company for the benefit of another.
A person or company legally responsible for the property of another.
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