Posts by admin

Accounting  Series  Release.A  bulletin  providing  the  Securities and  Exchange  Commission’s requirements  for  accounting  and  auditing  procedures  to  be  followed  in  reports  filed  with  that agency. — Abbr. ASR. [Blacks Law 8th]

Accounting  Research  Bulletin.A  publication  containing  accounting  practices  recommended by the American Institute of Certified Public Accountants. — Abbr. ARB. [Blacks Law 8th]

accounting period.A regular span of time used for accounting purposes; esp., a period used by a taxpayer in determining income and related tax liability. [Blacks Law 8th]

accounting method.A system for determining income and expenses for tax purposes. accrual  accounting  method  (<<schwa>>-kroo-<<schwa>>l).  An  accounting  method  that records  entries  of  debits  and  credits  when  the  liability  arises,  rather  than  when  the  income  or expense is received or disbursed. — Also termed accrual basis. Cf. cash-basis accounting method. [Cases:  Internal  Revenue    3099;  Taxation    1078. …

  accounting  for  profits.An  action  for  equitable  relief  against  a  person  in  a  fiduciary relationship  to  recover  profits  taken  in  a  breach  of  the  relationship.  —  Often  shortened  to “The term accounting, or accounting for profits, is used in several ways. In its most important meaning,  it  is  a  restitutionary  remedy  based  upon  avoiding  unjust …

accounting  for  fruits.Civil  law.  A  claim  for  the  return  of  natural  or  civil  fruits  against  an adverse  possessor  or  other  person  obligated  by  law  or  contract  to  account  for  fruits.  See FRUIT(2). [Blacks Law 8th]

accounting.  1.  The  act  or  a  system  of  establishing  or  settling  financial  accounts;  esp.,  the process of recording transactions in the financial records of a business and periodically extracting, sorting, and summarizing the rec-orded transactions to produce a set of financial records. — Also termed financial accounting. 2.  A rendition  of an account, either  voluntarily…

account for. 1. To furnish a good reason or convincing explanation for; to explain the cause of. 2. To render a reckoning of (funds held, esp. in trust).3. To answer for (conduct).

account executive.See STOCKBROKER. [Blacks Law 8th]

account duty.See DUTY(4). [Blacks Law 8th]