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Definition of vision
a conceptualization of a future state for the organization
An embedded option granting a bond issuer the right to buy back all or part of the issue prior
Provision of a bond indenture that governs the issuer's ability to call the
A feature in a convertible issue that allows the issuer to call the issue during the noncall
Gives the holder of a floating-rate bond the right to redeem his note at par on the coupon
Estimates of possible future liabilities that may arise.
a written expression about the organization’s
Specific sections and rules of the 1933 Act and 1934 Act that are
A department within the Securities and Exchange Commission that
The expense deduction from pretax book income reported on the
An operating expense recorded when the allowance for
A clause in a shareholders agreement preventing a company from issuing additional shares, without allowing the current shareholders the opportunity to participate in the offering to avoid dilution of their percentage ownership.
A contractual provision in a bond indenture. A positive covenant requires certain actions, and
The price for which a bond can be repaid before maturity under a call provision.
The combination of cash flow uncertainty and reinvestment risk introduced by a call provision.
A company that pays out all earnings per share to stockholders as dividends. Or, a company or
The provision of some futures contracts that requires not delivery of underlying assets but
Provisions in a bond indenture or preferred stock agreement that require the bond or preferred
A provision under which default on one debt obligation triggers default on another debt
Failure to make timely payment of interest or principal on a debt security or to otherwise comply
A provision that prohibits the company from calling the bond before a certain date. During this
A sinking fund provision that may allow repurchase of twice the required number of bonds
Effective call price
The strike price in an optional redemption provision plus the accrued interest to the
Index and Option Market (IOM)
A division of the CME established in 1982 for trading stock index
International Monetary Market (IMM)
A division of the CME established in 1972 for trading financial
Provisions that place constraints on the operations of borrowers, such as restrictions on
The difference between estimated transaction costs and actual transaction costs. The difference is
A revision to the Bretton Woods international monetary system which was signed at
A provision in a bond indenture that restricts the issuer's future borrowing by
Provision in a company's charter requiring a majority of, say, 80% of shareholders to approve
Costs that are identifiable with and able to be influenced by decisions made at the business
The profit made by a division after deducting only those expenses that can be controlled by the
A division or unit of an organization that is responsible for controlling costs.
A division or unit of an organization that is responsible for achieving an adequate return on
A division or unit of an organization that is responsible for achieving profit targets.
Residual income (RI)
The profit remaining after deducting from profit a notional cost of capital on the investment in a business or division of a business.
A division or unit of an organization for which a manager is held responsible – may be a cost centre, profit centre or investment centre.
Strategic management accounting
The provision and analysis of management accounting data about a business and its competitors, which is of use in the development and monitoring of strategy (Simmonds).
The price at which goods or services are bought and sold within divisions of the same organization, as opposed to an arm’s-length price at which sales may be made to an external customer.
dual pricing arrangement
a transfer pricing system that allows
flexible manufacturing system (FMS)
a production system in which a single factory manufactures numerous variations
a decision that compares the cost of
a depiction of the functions, divisions,
The sales level at which a company, division, or product line makes a
An inflow of cash, accounts receivable, or barter from a customer in exchange
Current Income Tax Expense
That portion of the total income tax provision that is based on
Deferred Income Tax Expense
That portion of the total income tax provision that is the result
Deferred Tax Asset
Future tax benefit that results from (1) the origination of a temporary difference
Effective Tax Rate
The total tax provision divided by pretax book income from continuing
Income Tax Expense
See income tax provision.
Right of Return
A sales agreement provision that permits a buyer to return products purchased
Revenue recognized from the provision of services as opposed to the sale of
Staff Accounting Bulletin (SAB)
Interpretations and practices followed by the staff of the Office of the Chief Accountant and the Division of Corporation Finance in administering the disclosure
A storage area, typically a subdivision of a single level of a storage rack.
This is the person who benefits from the terms of a trust, a will, an RRSP, a RRIF, a LIF, an annuity or a life insurance policy. In relation to RRSP's, RRIF's, LIF's, Annuities and of course life insurance, if the beneficiary is a spouse, parent, offspring or grand-child, they are considered to be a preferred beneficiary. If the insured has named a preferred beneficiary, the death benefit is invariably protected from creditors. There have been some court challenges of this right of protection but so far they have been unsuccessful. See "Creditor Protection" below. A beneficiary under the age of 18 must be represented by an individual guardian over the age of 18 or a public official who represents minors generally. A policy owner may, in the designation of a beneficiary, appoint someone to act as trustee for a minor. Death benefits are not subject to income taxes. If you make your beneficiary your estate, the death benefit will be included in your assets for probate. Probate filing fees are currently $14 per thousand of estate value in British Columbia and $15 per thousand of estate value in Ontario.
Registered Retirement Savings Plan (Canada)
Commonly referred to as an RRSP, this is a tax sheltered and tax deferred savings plan recognized by the Federal and Provincial tax authorities, whereby deposits are fully tax deductable in the year of deposit and fully taxable in the year of receipt. The ability to defer taxes on RRSP earnings allows one to save much faster than is ordinarily possible. The new rules which apply to RRSP's are that the holder of such a plan must convert it into income by the end of the year in which the holder turns age 69. The choices for conversion are to simply cash it in an pay full tax in the year of receipt, convert it to a RRIF and take a varying stream of income, paying tax on the amount received annually until the income is exhausted, or converting it into an annuity with guaranteed payments for a chosen number of years, again paying tax each year on moneys received.
This is a provision in some term insurance policies that allow the insured the right to renew the policy at a more favourable rate by providing updated evidence of insurability.
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