Business

Ad valorem It means “according to value”; An ad valorem refers to customs duty imposed on certain articles having regard only to the value or…

Re-arrangement of Reserve and Surplus and Accumulated Loss of the Firm at the Time of Admission of New Partner Reserves are the number of profits,…

Actuary Actuary refers to the name of a person who is an expert in the science of insurance. They are problem solvers and strategic thinkers…

Adjustment of Life Insurance Policy of Partners at the Time of Admission of New Partner The partners of a firm may decide to take a Joint…

Act of God An act of God describes an event outside of human control or activity. In essence, the phrase “Acts of God” refers to…

Active Partner A person who takes an active interest in the conduct and management of the business of the firm is known as an active…

Re-adjustment of Partners’ Capital Giving due Influence of New Admittance In your partnership, you may decide to add new partners. Sometimes, after the admission of…

Account Current It is a statement of transactions in a debit and credit form between a seller and his customer. It is a statement of transactions…

Accommodation Bill An Accommodation Bill is one, which is drawn and accepted solely with the object of obtaining temporary financial accommodation by the process of…

Abandonment An abandonment clause in a property insurance contract, under certain circumstances, permits the property owner to abandon lost or damaged property and still claim…

Account Sales This is a statement supplied by an agent or a consignee who sells goods on behalf of the consignor. It is a report…

Quasi Partner A partner who after retirement from partnership business loans his capital in the firm and receives interest thereon varying with-profits is known as…