Account Current - Law Dictionary Search Results
Home Dictionary Name: account current Page 1 of about 22 results (0.004 seconds)Account current
Account current, a running or open account between two or more persons or firms....
Current account transaction
Current account transaction, means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes--(i) payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business,(ii) payments due as interest on loans and as net income from investments,(iii) remittances for living expenses of parents, spouse and children residing abroad, and(iv) expenses in connection with foreign travel, education and medical care of parents, spouse and children. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (j)]...
Client account
Client account, is a current or deposit account with an authorised institution, in the name of the estate agent or his employer, containing the word 'client' in its title, Estate Agents Act, 1979, s. 14(2) (UK) Halsbury's Laws of England, Vol. 1(2), para 17, p. 15.Includes (i) a guarantor or a person who proposes to give guarantee or security for borrower of a credit institution; or (ii) a person (a) who has obtained or seeks to obtain financial assistance from a credit constitution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance by way of credit cards or in any other form or manner; (b) who has raised or seeks to raise money by issue of security as defined in clause (h) of s. 2 of the Securities Contracts (Regulation) Act, 1956, or by issue of commercial paper depository receipts or any other instrument; (c) whose financial standing has been assessed or is proposed to be assessed by credit institution or any...
Quick-asset ratio
Quick-asset ratio, means the ratio between an entity's current or liquid assets (such as cash and accounts receivable) and its current liabilities. Also termed quick ratio; acid-test ratio, Black's Law Dictionary, 7th Edn., p. 1260....
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
account payable
account payable pl: accounts payable : the balance due to a creditor on a current account ...
account receivable
account receivable pl: accounts receivable : a balance due from a debtor on a current account ...
recognize
recognize -nized -niz·ing 1 : to acknowledge formally: as a : to admit as being of a particular status [ a precedent] [ a union] ;specif : to acknowledge (as a right, cause of action, or defense) as valid b : to admit as being one entitled to be heard : give the floor to c : to acknowledge the de facto existence or the independence of [refused to the new government] 2 : to account for as real, received, or incurred and treat and record appropriately ;specif : to account for (a gain, loss, expense, or income) on current accounting or tax records [recognized the gain when she included it as income on her tax return] compare realize ...
Last in, first out
Last in, first out, means an accounting method that assumes that the most recent purchases are sold or used first. Matching current costs against current revenues, Black's Law Dictionary, 7th Edn., p. 887....
overdraft
overdraft 1 : the act or result of drawing on a bank account for more than the balance ;also : the amount exceeding the balance in an overdraft 2 : a loan or credit extended on a current account esp. to established or institutional customers ...
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