A certificate giving abbreviated details of the cover provided by an insurance policy. In motor insurance or employers' liability policies, the required information must be shown on the certificate of insurance, and policy cover does not come into force until the certificate has been delivered to the policyholder.
A Certificate of Occupancy (CO) is an official document issued by a local government agency or building department signifying that a building conforms to local building code regulations and is safe for occupancy. Generally, initial occupancy of a building or the transfer of title requires a valid Certificate of Occupancy.
A Certificate of Origin is a crucial document required in international trade, stating the country from which a parcel of goods originated and often determining the applicable import duty.
A Certificate of Reasonable Value (CRV) is a document issued by the Veterans Administration (VA) based on an approved appraisal, which establishes a ceiling on the maximum VA mortgage loan principal.
A Certificate of Title is a legal document that officially indicates ownership of a particular asset, such as a motor vehicle or real property. It serves as proof of ownership and outlines any liens or legal encumbrances associated with the asset.
A Certificate of Use is a warranty card accompanying new merchandise, which the owner completes certifying his ownership. This document serves as proof that the merchandise meets specified standards and guarantees.
A statement made in a document certifying that the transaction concerned is not part of a larger transaction series that exceeds a certain monetary value, primarily used to determine stamp duty requirements.
A Certificate to Commence Business is a document issued by the Registrar of Companies to a public company upon incorporation, certifying that the nominal value of the company's share capital is at least equal to the authorized minimum. This certificate allows the company to start conducting business and exercising its borrowing powers.
Certification is the act of confirming formally as true, accurate, or genuine. It often signifies that an individual or organization has met predetermined standards or qualifications.
A certification mark is a distinctive sign, symbol, or word used to officially endorse a product or service that meets certain established standards set by an authoritative entity. The deliverables with this mark assure consumers of quality, origin, material, or method of manufacture.
A Certified Accountant is a qualified financial professional who has met the education, experience, and examination requirements necessary to earn a certification in accounting.
A Certified Accounting Technician (CAT) is a professional designation offered to individuals who have completed specific coursework and examinations in accounting and finance, demonstrating their practical skills and knowledge in these areas.
A second-tier accounting qualification offered by the Association of Chartered Certified Accountants (ACCA), providing an alternative to the CCAB qualification offered by the Association of Accounting Technicians (AAT).
The Certified Administrative Manager (CAM) is a professional certification awarded by the Institute of Certified Professional Managers. It is bestowed upon individuals who have successfully completed a series of five examinations and a case study, and who possess at least three years of management experience.
A depositor's check certified by a bank, promising that the account holder has sufficient funds for the amount, ensuring that the recipient will receive the payment.
A professional certification conferred by the International Board of Standards and Practices for Certified Financial Planners. It requires passing national examinations in various financial planning disciplines and substantial professional experience.
A Certified Financial Statement is a set of financial documents including the balance sheet, income statement, and possibly other related financial reports, that a Certified Public Accountant (CPA) has audited and attested to. These statements confirm that the financial records present fairly, in all material respects, the financial position and performance of a company in accordance with applicable accounting principles.
The Certified Fraud Examiner (CFE) designation is a globally recognized credential awarded to professionals specializing in fraud prevention, detection, and deterrence, conferred by the Association of Certified Fraud Examiners (ACFE).
A Certified General Appraiser is a professional authorized to appraise any type of property under the appraiser certification laws adopted by most states in the early 1990s.
A certified historic structure is a building or structure that has been officially recognized as historically significant and meeting certain standards set forth by heritage preservation bodies.
A U.S. Postal Service option that provides proof of mailing and delivery, offering a return receipt or restricted delivery for an additional fee. Insurance is not available. See also Registered Mail.
The Certified Management Accountant (CMA) is a professional certification awarded by the Institute of Management Accountants (IMA) to individuals who have demonstrated expertise in management accounting through education, examination, and experience.
A Certified Public Accountant (CPA) is a professional designation awarded to accountants who meet specific education, experience, and examination requirements within the jurisdiction of a U.S. state. CPAs hold responsibilities in accounting, auditing, taxation, and financial consulting for both corporations and individuals.
A Certified Public Accountant (CPA) is a designation given to accounting professionals who have passed the Uniform CPA Examination and met additional state-specific educational and experience requirements. CPAs are licensed to provide audit opinions on financial statements and offer various other accounting services.
A Certified Residential Appraiser is qualified to appraise residences and up to four units of housing under appraiser certification law. The certification requires less education, experience, and a less comprehensive exam than a Certified General Appraiser.
Ceteris Paribus is a Latin phrase meaning 'all other things being equal.' It is a fundamental concept in economics used to isolate the relationship between two variables by holding all other influencing factors constant.
Chain Feeding refers to successive threading or continuous insertion processes in mechanical operations or computing environments to ensure rapid and efficient handling of materials or data.
A system outlining the hierarchy of authority and decision-making in organizations, where instructions flow downward and accountability flows upward.
The Chain of Title is a chronological history of all conveyances and encumbrances affecting a land title.
A chain store is an individual retail store that is a part of a group of similar retail stores managed and owned by the same entity, providing consistent products, services, and branding across multiple locations.
The most senior officer in a company, presiding at the annual general meeting and usually at board meetings, with varying degrees of involvement in day-to-day operations.
A Chairman of the Board is the highest-ranking officer in a corporation and presides over the meetings of the board of directors. This role may or may not possess the most executive authority within the firm. In some cases, the Chairman also carries the title of Chief Executive Officer (CEO), who is the principal executive of the corporation.
A chairman's report, sometimes referred to as a chairperson's report or chairwoman's report, is a comprehensive overview of a company's activities and prospects, presented by the chair of the company in the annual report and accounts.
Champerty refers to an arrangement in common law where a third party, such as an attorney, underwrites the costs of a lawsuit in exchange for a portion of the expected damages. Once illegal, champerty is now prohibited in modified form in only a few jurisdictions.
Chancery refers to the jurisdiction exercised by a court of equity, focusing on fairness and justice rather than strictly adhering to statutory laws.
A change agent is an individual or entity that facilitates and supports change within an organization, steering it away from traditional methods towards more innovative and effective approaches.
A 'Change in Accounting Method' refers to an alteration in the overall method of accounting or a change in a material item used in an overall accounting plan. This could involve changes such as switching from cash basis accounting to accrual basis accounting, or altering inventory valuation methods.
Change in demand and change in quantity demanded are key concepts in economics. The former involves shifts due to changes in factors like income or consumer preferences, whereas the latter is caused by price changes and results in movement along the demand curve.
Understand the critical differences between a change in supply, which relates to factors affecting production, and a change in quantity supplied, which is a response to changes in market price.
A Change of Beneficiary Provision allows the policyholder to alter the beneficiary designated to receive the benefits from a financial product such as life insurance or retirement accounts.
The Channel Captain is the dominant company in a vertical marketing system that controls the Channel of Distribution, having significant influence over what products or services are developed and distributed throughout the channel.
A channel of distribution refers to the means or pathway used to transfer merchandise from the manufacturer to the end user. The intermediaries involved in this process are known as middlemen, and they can either take title to the merchandise or not.
In periodical publishing, a channel of sales refers to the method or route through which subscription orders are acquired. This can include direct mail, advertising, agency methods, or newsstand sales.
Channel stuffing is a practice where a company inflates sales figures by sending more products through distribution channels than retailers can sell, potentially deceiving financial markets if done intentionally.
CHAPS (Clearing House Automated Payment System) is a real-time gross settlement payment system operating in the UK, allowing for the quick and secure transfer of high-value or time-critical payments directly between bank accounts.
Chapter 11 Bankruptcy, under the Bankruptcy Reform Act of 1978, allows for the reorganization of partnerships, corporations, municipalities, and sole proprietors facing financial difficulties to remain operational while they restructure their debts.
Chapter 11, often referred to as reorganization, allows a debtor, typically a corporation or partnership, to remain in business while restructuring its debts under a court-approved plan.
Chapter 13 of the Bankruptcy Reform Act of 1978 refers to debt restructuring, allowing individuals to repay creditors over time, typically through a repayment plan.
Chapter 13 of the 1978 Bankruptcy Act, also known as a wage earner's bankruptcy plan, allows individuals with a regular income to create a court-monitored repayment plan to pay back debts over a 3- to 5-year period while keeping their property.
Chapter 7 of the Bankruptcy Reform Act of 1978 refers to liquidation proceedings in the USA, designed to provide honest debtors an opportunity to start afresh by discharging certain debts.
Chapter 7 of the 1978 Bankruptcy Act focuses on liquidation, which involves the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Charge and discharge accounting is a historical method used during the Middle Ages, especially within the manorial system. This method involves individuals keeping a record of sums or estates they receive and balancing it with sums paid out, effectively accounting for both inflows and outflows.
A charge buyer is an individual or entity that makes a purchase on credit, with the understanding that the amount owed will be billed and must be paid at a later date. This concept is closely related to credit buyers and credit orders.
A charge card allows the holder to purchase goods or services with the condition that the full balance is paid off at regular intervals. Unlike credit cards, charge cards usually do not have a spending limit and do not incur interest charges but come with an annual fee.
A charge is a legal interest in property or shares used to secure the payment of money owed, giving the chargee priority over unsecured creditors.
A charge-off is a debt that a creditor declares as unlikely to be collected after the debtor has become significantly delinquent. This status often affects the debtor's credit score negatively.
The chargeable account period, often refered to as the accounting period, is the specific time duration under consideration for which financial transactions are recorded and financial statements are prepared.
Chargeable assets encompass all forms of property subject to tax on capital gains, excluding specifically exempt items such as private motor cars, National Savings Certificates, and others.
A chargeable event refers to any transaction or occurrence that results in a liability for income tax, capital gains tax, or corporation tax.
In the UK, a chargeable gain refers to that part of a capital gain arising from the disposal of an asset that is subject to taxation. Understanding chargeable gains is crucial for both individuals and businesses to manage tax liabilities effectively.
In the context of capital gains tax, a chargeable person is any individual or entity that is resident, or ordinarily resident, in the UK during the year in which a chargeable gain was made due to the disposal of an asset.
A chargeable transfer is a lifetime gift not covered by any of the exemptions, making it liable to inheritance tax. This can include potentially exempt transfers or payments into a discretionary trust.
An instruction indicating that all freight charges on a shipment of goods will be paid by the consignee upon receipt.
A Charges Register or Register of Charges is a formal record of all charges (encumbrances or liens) that a company has granted over its assets, often required by law to be maintained. It includes details of secured loans and other financial obligations which creditors have claims to.
An itemized deduction allowed for donations made to qualifying charities. Several limitations apply to this deduction, especially for noncash property donations.
Charitable contributions are donations made to qualified organizations that can be claimed as a deduction on your tax return. These contributions can provide both societal benefits and potential tax savings for individuals and businesses.
A Charitable Incorporated Organization (CIO) is a legal form available to charitable organizations in England and Wales (and in Scotland since 2011) that provides similar rights and benefits as limited companies, but without the need to register as a company or follow Companies Act regulations.
A Charitable Remainder Trust is an irrevocable trust that pays income to one or more individuals until the grantor's death or for a specified number of years, after which the remaining assets pass to a designated charity.
A charitable trust is a type of trust that is established to provide financial support to one or more charitable organizations, aimed at fulfilling philanthropic goals and benefiting the public.
Charity accounts are the financial records of a charitable organization, highlighting both receipts like donations and expenditures like grants. They must comply with specific regulations depending on legal structure and size, including directives set by the Charities Act 2011 and Statements of Recommended Practice (SORPs) issued by the Charity Commission.
The Charity Commission is the government department responsible for overseeing charities, providing advice, and investigating their operations. Accountable to the Home Secretary and governed by the Charities Act 2011, it issues Statements of Recommended Practice (SORPs) for charity accounting.
The Chart of Accounts (CoA) is a detailed listing of all the individual accounts used by an organization’s accounting system, providing a structured framework for categorizing transactions and financial data.
A charter is a formal document granted by a governing body that establishes a corporate entity, often detailing its rights and privileges. It can also refer to hiring a vehicle for exclusive use.
In the UK, a Chartered Accountant (CA) is a qualified member of the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), or the Institute of Chartered Accountants in Ireland (ICAI). Chartered Accountants provide a range of services including auditing, taxation, financial advice, and management roles in various industries.
Chartered Accountants Ireland (CAI) is the largest and oldest professional accounting body in Ireland, focusing on the advancement of accounting knowledge, standards, and professional ethics.
See Association of Chartered Certified Accountants
A Chartered Certified Accountant (CCA) is a highly qualified financial professional, recognized by the Association of Chartered Certified Accountants (ACCA), equipped to audit company accounts, with a robust training background in various sectors.
A Chartered Company is a type of company that is incorporated through a Royal Charter, distinguishing it from companies incorporated under general company law or private acts of parliament.
The Chartered Financial Analyst (CFA) designation is a professional credential offered by the CFA Institute. Widely regarded as the gold standard in the field of investment management, the CFA program covers a broad range of topics including equity analysis, fixed-income analysis, portfolio management, and ethical and professional standards.
The Chartered Financial Analyst (CFA) designation is a globally recognized credential granted by the CFA Institute to investment and finance professionals who have demonstrated competence and integrity in their field.
Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College in Bryn Mawr, Pennsylvania, recognizing individuals for their expertise and proficiency in financial planning.
The Chartered Global Management Accountant (CGMA) designation is a globally recognized accounting credential that signifies expertise in management accounting and finance. It is awarded by both the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA).
The Chartered Global Management Accountant (CGMA) is a distinguished professional designation for management accountants aimed at recognizing advanced skills and competencies in management accounting. It is available to members of the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA) who meet specific experience requirements and pass a notable exam. The CGMA credential is governed by a joint venture between CIMA and AICPA.
The Chartered Institute of Internal Auditors (CIIA) is a professional body dedicated to the development, promotion, and regulation of internal auditors around the world.
The Chartered Institute of Management Accountants (CIMA) is a professional association founded in 1919, primarily serving professionals working in industry and commerce. CIMA is renowned for its focus on management accounting.
The Chartered Institute of Public Finance and Accountancy (CIPFA) is a professional association founded in 1885, primarily serving public-sector accounting professionals. CIPFA provides training, qualifications, and a community for those involved in public finance and accountancy.
A professional organization based in the UK, dedicated to those working in procurement, supply-chain management, and related areas. It offers training, qualifications, and various professional support services.
The Chartered Institute of Purchasing and Supply (CIPS) is a global professional body dedicated to promoting excellence in procurement and supply management.
The Chartered Institute of Taxation (CIOT) is a premier professional institute dedicated to the education and certification of experts in the taxation field. Members are designated as Certified Tax Advisors (CTA) or as Associate or Fellow of the Taxation Institute Inc. (ATII or FTII).
The Chartered Institute of Taxation (CIOT) is a professional body in the UK that grants chartered status to candidates meeting specific standards in tax competency and practice.
Professional designation conferred by The American College, signifying expertise in insurance planning, investments, taxation, and related areas.
The Chartered Property and Casualty Underwriter (CPCU) is a professional designation that signifies expertise in various areas including insurance, risk management, economics, finance, management, accounting, and law. To earn this prestigious designation, candidates must complete 10 national examinations and have at least three years of work experience in the insurance industry or a related field.
A Chartist is an investment analyst who uses charts of prices and volumes to forecast the movements in financial markets. This analysis relies on the assumption that historical price movements will repeat themselves in predictable patterns.
A form of interactive online communication that permits typed conversations to occur in real time. Messages are instantaneously relayed from one participant in a chat discussion to all other members in the chat room.
An electronic forum where users can communicate with each other in real time. Chat rooms are found on the Internet.
Chattel refers to tangible, movable personal property, as opposed to real property, which is immovable. Examples of chattel include goods, vehicles, and furniture.
An exemption from capital gains tax that applies to gains from the disposal of chattels, which are items of movable personal property, provided their value is less than £6,000. It does not apply to wasting assets.
A chattel mortgage is a loan agreement where personal property is used as collateral to secure the payment of a debt or fulfillment of an obligation.
Chattel paper is a legal document that shows both a debt and a security interest in or a lease of specific goods. It is essential in transactions involving personal property.
A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.
