Current Assets - Law Dictionary Search Results
Home Dictionary Name: current assetscurrent asset
current asset see asset ...
current assets
current assets Assets of a business that can be liquidated within a relatively short period of time ...
Current assets
Current assets, means bank balances and cash and includes such other assets or reserves as are expected to be realised in cash or sold or consumed within a period of not more than twelve months in the ordinary course of business, such as, stock-in-trade, amounts due from sundry debtors for sale of goods and for services rendered, advance tax payments and bills receivable, but does not include sums credited to a provided fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees, maintained by a company owning an industrial undertaking. [Industries (Develop-ment and Regulation) Act, 1951 (65 of 1951), s. 3 (ab)]...
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...
current ratio
current ratio A ratio of a business' current assets to its current liabilities ...
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....
liquid
liquid 1 a : consisting of cash or capable of ready conversion into cash [ assets] b : capable of covering current liabilities out of current assets esp. in a rapid manner [a insurer] 2 : of or relating to a security or commodity with enough shares or units outstanding to hinder significant price variation from large transactions ...
nonperforming asset
nonperforming asset an asset such as a mortgage that is not currently accruing interest or which interest is not being paid. Source: U.S. Department of Housing and Urban Development ...
Cock oven plant
Cock oven plant, 'Coke oven plant' means the plant and equipment with which the manufacture of hard coke has been or is being, carried on, and includes-(i) all lands, building, works, machinery and equipment, vehicles, railways, tramways and sidings, belonging to, or in the coke oven plant, (ii) all workshop belonging to the coke oven plant, including buildings, machinery, instruments, stores, equipment of such workshops and the lands on which such workshops stand, (iii) all coke in stock or under production, and other stores, stocks and instruments, belonging to the coke oven plant, (iv) all power stations belonging to the coke oven plant or operated for supplying electricity for the purpose of working the coke oven plant or a number of coke oven plants, (v) all lands, buildings and equipment belonging to the coke oven plant where the washing of coal is carried on, (vi) all other fixed assets, movable or immovable, and current assets belonging to a coke oven plant, whether within its ...
inventory
inventory pl: -ries 1 : an itemized list of current assets: as a : a written list or catalog of the property of an individual, organization, or estate or succession that is made by a fiduciary under oath and that usually describes and assigns a value to the items or classes of property b : aggregate value assigned to an inventory 2 : goods or materials held on hand: as a under the Bankruptcy Code : materials including personal property leased or furnished, held for sale or lease, or to be furnished under a contract for service, raw materials, work in process, or materials used or consumed in a business or held for sale or lease b under section 9-109 of the Uniform Commercial Code : goods that are held by a person who holds them for sale or lease or to be furnished under contracts of service or if he or she has so furnished them or that are raw materials, works in process, or materials used or consumed in a business ...
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