by Action Tax | Glossary
Management Accounting Accounting concerned with providing information to managers who are inside an organization and also direct and control operations. Management Accounting includes cost accumulation for product costing, budgeting and financial statement analysis....
by Action Tax | Glossary
Lapsed Policy An insurance policy that is canceled for nonpayment of premiums, or canceled before it has cash or surrender value. Lease A legal contract conveying the use of property from the owner (lessor) to another (lessee) at a fixed rate, for a stated length of...
by Action Tax | Glossary
Keogh Accounts: Similar to a 401(k), but for the self-employed. Keogh Plan A tax-deferred defined benefit or contribution plan that a self-employed individual can set up. Key Employee An employee whose skills, knowledge or abilities are crucial to the ongoing...
by Action Tax | Glossary
Joint Products Two or more goods having approximately the same economic value that are manufactured simultaneously from the same raw material. Joint Tenancy A form of property ownership in which two or more people own an undivided interest in the property. When one...
by Action Tax | Glossary
Income The amount of money a person receives from all sources. These sources include wages, commissions, bonuses, Social Security and other retirement benefits, unemployment compensation, disability, interest and dividends. Income Statement A financial statement...
by Action Tax | Glossary
Health Savings Account (HSA) An account that offers individuals covered by high-deductible health plans (HDHPs) tax-favored opportunities to save for medical expenses. Highly Compensated Employee (HCE) For benefit plan purposes, an employee who receives compensation...
