Current Liabilities - Law Dictionary Search Results
Home Dictionary Name: current liabilities Page 1 of about 13 results ( seconds)Current liabilities
Current liabilities, means liabilities which must be met on demand or within a period of twelve months from the date they are incurred; and includes any current liability which is suspended under s. 18FB. [Industries (Development and Regulation) Act, 1951 (65 of 1951), s. 3 (ac)]...
current liabilities
current liabilities Debts that must be paid within a relatively short period of time, usually within one year ...
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 ...
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 ...
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....
Drawal
Drawal, means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability. [Foreign Exchange Management (Current Account Transactions) Rules, 2000, s. 2 (b)]...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Banking policy
Banking policy, means any policy means any policy which is specified from time to time by the Reserve Bank in the interest of the banking system or in the interest of monetary stability or sound economic growth, having due regard to the interests of the depositors, the volume of deposits and other resources of the bank and the need for equitable allocation and the efficient use of these deposits and resources. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (ca)]Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cannot meet current financial obligations, an insolvent person; Debt...
Bankrupt
Bankrupt [fr. bancus, or banque, the table or counter of a tradesman, and ruptus, Lat., broken, denoting thereby one whose shop or place of trade is broken or gone]. A debtor who does certain acts, tending to defeat or delay his creditors, may be adjudged bankrupt, and so made liable to the bankruptcy laws. Before the (English) Bankruptcy Act,1861 (24 & 25 Vict. c. 134), 'traders' only were liable to be made bankrupts, other insolvent debtors being dealt with by a succession of Relief of Insolvent Debtors Acts. See INSOLVENCY.Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cann...
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