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GLOSSARY OF TERMS
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GLOSSARY OF TERMS
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Ultra Vires
Traditionally, the purpose of a corporation was closely spelled out in its articles of incorporation. If the corporation acted beyond its described purposes these actions were unenforceable against the corporation or by the corporation. However, most modern statutes allow corporate purposes to be any lawful activity. Therefore, the importance of this doctrine has greatly diminished.
Nearly all states allow directors to act without a meeting if they each give their consent
Date established by law as the basis of one method of valuation for the calculation of capital gains or losses for income tax purposes.
Difference between standard cost and actual cost. Also, the difference between an actual revenue or expense item and the budget for that item (budget variance).
To transfer an item that was an asset to an expense account (for example, to transfer an uncollectable account receivable to bad debts expense).
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