A person who attempts to bring management and labor together to resolve disputes and foster mutually beneficial outcomes.
Condemnation is the legal process by which a government or private entity with governmental powers takes private property for public use, with compensation to the owner. This is commonly associated with eminent domain.
The process by which private property is taken for public use with compensation to the owner, under eminent domain, and declarations of structures being unfit for use.
A Condemnation Award refers to the monetary compensation or value of other property received by an entity or individual for property that has been condemned by a government authority for public use, or from the sale of property under threat of condemnation.
In various fields such as law, real estate, and general business, the term 'condition' has multiple meanings. It can refer to a prerequisite or requirement, a potential future event that influences legal obligations or real estate interests, and the physical quality or wear of something.
A condition precedent is an express or implied provision of a contract that requires the occurrence of a specific event or the performance of a certain act before the contract becomes binding on the parties.
A condition subsequent is a provision in a contract that describes an event or act, upon the happening of which certain obligations under the contract terminate.
A contract whose performance is contingent upon the occurrence of a specified future event.
A conditional sale is a sales agreement where the sale is dependent on the fulfillment of a particular condition, typically the full payment of the purchase price. The buyer gains possession and the right to use the goods, but the transfer of title is postponed until the condition is met.
A conditional-use permit (CUP) allows property owners to use their land in a way that is not typically permitted within a particular zoning district, under certain conditions laid out by local zoning authorities.
Conditions, Covenants, and Restrictions (CCRs) refer to the rules and regulations set forth in condominium or subdivision deeds or bylaws that dictate how properties can be used. These regulations ensure aesthetic and functional uniformity, preventing changes that could negatively impact the community.
A form of real estate ownership where individual residents hold a deed and title to their houses or apartments and share maintenance costs for common areas managed by a dedicated company.
The process of changing the ownership structure of a building from a single owner to multiple owners, each owning individual units, typically through a legal and regulatory framework.
A Condominium Declaration, also known simply as a "Declaration," is a legal document that formally establishes the existence of a condominium. It describes the property in detail, outlines the rules and restrictions governing the condominium units, and defines the rights and responsibilities of the unit owners and the condominium association.
An organization of all unit owners in a condominium responsible for overseeing common elements and enforcing the condominium's bylaws.
The conduit approach allows income or deductions to flow through to another entity, such as a partnership or trust, enabling tax liabilities to be managed at the beneficiary or partner level.
An accountancy organization in the Asia-Pacific region, CAPA aims to develop and coordinate the accountancy profession across 31 member organizations in 24 countries, ensuring high-quality services in the public interest.
The Confederation of British Industry (CBI) is a UK-based organization with a mission to represent and advocate for business interests at the national and international level. It engages in policy development and lobbying to influence regulations and promote economic growth.
CBI is an organization that lobbies for British business interests, primarily focusing on influencing UK government policies, the European Union, and other international bodies to foster a favorable business environment.
A conference call is a telephone call that allows multiple lines to be connected simultaneously, enabling three or more participants to communicate in real-time. It is also known as a three-way call or multi-party call.
A confidence game is a scheme by which a swindler, commonly referred to as a con artist, wins the confidence of their victim and then cheats them out of their money by exploiting the trust placed in them.
A confidence interval is a range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter. The interval has an associated confidence level that quantifies the level of confidence that the parameter lies within the interval.
The confidence level, often denoted as the confidence coefficient, is the probability that a range of numbers calculated from a sample of a population includes the value of the population parameter being estimated.
Private or secret information treated with trust, providing a feeling of security that the information will not be disclosed to unauthorized parties.
Configuration refers to the process of setting up a computer system or application to be used in a particular way. It involves selecting and arranging options or settings in order to achieve desired functionality, performance, and usability.
A technique used by an auditor to obtain third-party evidence in support of information supplied by a client. For example, confirmation may be sought from a bank of balances held by a client.
A document confirming the main facts and figures of a deal between two parties, usually a deal that has been agreed verbally or by telephone.
A written or oral request by the auditor of a party having financial dealings with the client about the accuracy of an item. A response is required whether the particular item is correct or incorrect.
A confirmed irrevocable letter of credit adds an additional layer of security for the beneficiary by employing a second bank's confirmation, ensuring payment even if the initial issuing bank fails.
A confirming house is an organization that acts as an intermediary between local exporters and overseas buyers. It pays for goods in the exporters' currency, negotiates prices, arranges shipment and insurance, and provides vital information for the overseas buyers.
Confiscation risk refers to the potential threat that assets held in a foreign country could be seized, expropriated, or nationalized by the host country's government. This risk also includes the possibility of interference with a non-resident owner's control over these assets.
A conflict of interest arises when an individual, such as a public official, faces a clash between their personal interests and their professional responsibilities. This situation can compromise their impartiality and decision-making capabilities.
A conformed copy is a reproduction or exact copy of an original document where essential legal features like signatures and seals are typed or indicated in writing.
A residential mortgage loan eligible for purchase by FNMA (Fannie Mae) or FHLMC (Freddie Mac). These loans typically offer lower interest rates and more favorable terms compared to nonconforming mortgage loans.
A conglomerate is a large corporation formed by the merger or acquisition of smaller companies, each operating in distinct, often unrelated, industries. This structure is typically chosen to diversify risk and achieve financial stability across various market sectors.
The Congress of Industrial Organizations (CIO) was a federation of unions that organized workers in industrial unions in the United States and Canada from 1935 to 1955.
A connected person refers to individuals or entities that are related to a director under the Companies Act, with implications for disclosure requirements.
A consent letter is a formal document included in a prospectus where an expert, such as a reporting accountant, consents to the issuance of the prospectus and acknowledges the inclusion of their report or any reference made to them.
A consent order or decree is an agreement by a defendant to cease activities deemed illegal by the government. This agreement, subject to court approval, bypasses definitive judicial determination but is binding.
Consequential damages, in the context of property law, refer to the loss in value of a property caused by the taking of a nearby property or development on another property.
Conservatism in accounting focuses on understating assets and revenues and overstating liabilities and expenses to provide a prudent and less risky portrayal of a company's financial position. In business, it refers to a cautious and careful attitude, typically avoiding excessive risk. In politics, conservatism promotes limited government spending and lower taxes.
A conservator is a court-appointed custodian of assets belonging to someone determined by the courts to be unable to manage his or her own property.
Consideration is a fundamental element in a contract representing the exchange of promises or monetary value essential to legal agreements.
A consignee refers to an individual or organization authorized to receive goods sent from a consignor. The consignee acts as the recipient of goods, typically in a shipping context, and may also serve as an agent to sell the goods on behalf of the consignor.
Consignment involves the shipment of goods by a principal (consignor) to an agent (consignee) for sale. The consignee sells the goods on behalf of the consignor, often earning a commission upon sale. The process typically involves creating a detailed consignment account.
Consignment is a business arrangement in which goods are left in the possession of an authorized third party to sell. The owner of the goods (consignor) retains ownership until the goods are sold.
A consignment note is a key document used in shipping to provide details about a consignment of goods in transit. It is signed by the consignee upon delivery, serving as proof of receipt. The document includes information about the consignor and consignee, details about the goods, and typically their gross weight, as well as outlining who is responsible for insuring the goods during transit.
Consignment Stock refers to products owned by one party but held and managed by another party with the right to sell or return the goods. This ownership arrangement requires careful accounting practices to reflect commercial realities accurately in financial statements.
A consignor is any person or organization that sends goods to a consignee or a principal who sells goods on consignment through an agent, usually in a foreign country.
Consistency refers to the use of the same accounting procedures by an accounting entity from period to period. Consistently applying similar measurement concepts and procedures for related items within the company's financial statements across different periods simplifies comparisons and projections.
Originally one of the four fundamental accounting concepts, the consistency concept mandates uniform treatment of like items within and across accounting periods, ensuring consistent application of accounting policies.
A console is a device, such as a control panel, that allows users to communicate directly with a computer. It provides an interface for human interaction with a computing system.
Consolidated accounts are financial statements that present the assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries as if the entire group were a single entity.
A Consolidated Balance Sheet, or Consolidated Statement of Financial Position, summarizes the financial status of a parent company and its subsidiaries as a single economic entity.
A consolidated cash-flow statement provides a comprehensive overview of cash inflows and outflows from a group of entities, combining individual cash-flow statements subject to various consolidation adjustments for accurate financial reporting.
A consolidated financial statement brings together all assets, liabilities, and other operating accounts of a parent company and its subsidiaries, providing an integrated view of the entire corporate group’s financial status.
Consolidated financial statements combine the financial records of a group of companies, providing a comprehensive view of the entire group's financial situation.
Understanding the difference between the fair value of the consideration given by an acquiring company when acquiring a business and the aggregate of the fair values of the separable net assets acquired, commonly referred to as consolidated goodwill.
A consolidated income and expenditure account amalgamates the financial information from individual income and expenditure accounts of a group of organizations into a single, comprehensive financial document, adjusted for any necessary consolidation adjustments.
Federal legislation that requires group health plans sponsored by employers with 20 or more employees to offer continuation of health insurance coverage to employees and their dependents after they leave their jobs. Employees must pay the entire premium plus up to 2% administrative costs.
The combined profit of a group of organizations presented in the consolidated profit and loss account. Any intra-group items should be eliminated by consolidation.
A consolidated profit and loss account (also known as a consolidated income statement) combines the individual profit and loss accounts of group entities, presenting a comprehensive view of the group's financial performance.
The Consolidated Statement of Cash Flows - A Key Financial Document Showing Combined Cash Flow Activities in Entities for Investors
The consolidated statement of financial position, often referred to as the consolidated balance sheet, provides a snapshot of a parent and its subsidiaries’ financial situation at a specific point in time.
A consolidated tax return combines the financial reports of companies that form an affiliated group, as defined by tax laws. This applies to firms that are at least 80% owned by a parent or another inclusive corporation.
Items that are eliminated from separate taxable income, computed on a consolidated basis, and combined with the aggregated separate taxable income (for example, net operating loss, net capital gain or loss, total charitable contributions).
The process of combining and adjusting financial information from the individual financial statements of a parent undertaking and its subsidiaries to prepare consolidated financial statements, which present financial information for the group as a single economic entity.
Adjustments made in the process of consolidating the accounts of a group of organizations, ensuring the elimination of intra-group transactions' profits or losses from consolidated financial statements.
A consolidation loan combines and refinances multiple other loans or debt into a single loan, typically aimed at reducing the monthly payments an individual needs to make. It is usually an installment loan.
An entity that combines less-than-carload shipments into full carloads to take advantage of lower shipping rates for full carloads.
A consortium is a collective arrangement wherein two or more businesses unite temporarily to undertake a large and complex project, leveraging pooled skills and resources to achieve a common goal.
Consortium relief is a modified form of group relief that applies to consortia, which allows for the surrendering of losses between consortium members and the consortium company. This serves to optimize tax efficiency in complex corporate structures.
A constant in computer science and mathematics refers to a value that does not change during the execution of a program or evaluation of an expression. They stand in contrast to variables, which can store different values during program execution.
Constant dollar is an accounting term used to reflect the value of money after adjusting for inflation, providing a consistent measurement standard across different time periods.
Constant dollars refer to dollars of a base year, used as a gauge in adjusting the dollars of other years to ascertain actual purchasing power.
Constant Purchasing Power Accounting (CPPA) involves adjusting financial statements to account for changes in the purchasing power of money over time due to inflation or deflation. This method adjusts for the distortions caused by inflation, ensuring that financial information remains accurate and comparable.
Constant Returns to Scale refers to a situation in economic production where the amount of output changes at the same rate as the quantity of inputs used. For example, a doubling of raw materials and labor would result in a doubling of the final product.
A constant-payment loan is structured such that equal payments are made periodically to completely pay off the debt by the loan's maturity date. This type of loan typically involves fixed interest rates and scheduled payments that cover both principal and interest.
A constituent company is a firm that is part of a group of affiliated, merged, or consolidated corporations. These companies work together, often sharing resources and strategies, to achieve mutual corporate goals.
Fundamental principles of law by which a government is created and a country is administered, representing a mandate from the people on governance.
Constitutional rights are the fundamental rights and freedoms guaranteed to individuals by the constitutions of a country, whether at the federal or state level. These rights often include freedoms related to speech, religion, assembly, and protection against unfair governmental actions.
A constraining factor, also known as a limiting factor, is an element that restricts or limits the production or sale of a given product. Nearly all firms encounter one or more constraining factors, which could involve limited machine-hours and labor-hours, shortages of materials and skilled labor, or restrictions related to display space, warehouse space, and working capital.
A constraint is a circumstance that prevents an organization from achieving higher levels of performance. Constraints typically result from limiting factors such as a shortage of skilled labor, materials, production capacity, or sales volume, and must be eliminated or reduced to improve performance. Constraints are also integral in linear programming problem statements.
The Construction Industry Scheme (CIS) is a set of regulations established by the UK government to manage tax payments within the construction sector.
The Construction Industry Scheme (CIS) is a set of statutory provisions established to ensure tax is deducted at the basic rate from payments made to subcontractors in the building industry unless the subcontractor can provide a specific Revenue certificate. Implemented on 6 April 2007, the scheme helps to manage tax collection in the construction sector effectively.
A construction loan is a short-term real estate loan utilized to finance building costs. Funds are disbursed as needed or according to a prearranged plan, repaid upon project completion, often from a mortgage loan. These loans typically come with higher interest rates and origination fees.
Constructive dividend involves the disallowance or reclassification of a transaction between a closely held corporation and a shareholder, often recharacterizing a loan to a stockholder as a dividend.
Constructive eviction occurs when, through the fault of the landlord, physical conditions of the property render it unfit for the purpose for which it was leased.
Constructive notice is a legal concept that presumes an individual has been given notice of a property or legal matter as a result of the information being publicly available or recorded, even if the individual has not been personally informed.
Constructive ownership of stock refers to situations in which a taxpayer is treated as owning shares that are actually owned by another person or entity, due to the application of specific tax rules, also known as attribution rules.
Constructive Receipt of Income is a doctrine where a taxpayer must include in gross income amounts that, though not actually received, are deemed received during the taxable year. This principle ensures that taxpayers cannot defer taxation by simply delaying the physical receipt of income.
A consultant is an individual or organization that provides professional advice to entities for a fee, often in areas such as management, accounting, finance, legal, and technical matters. Consultants operate as independent contractors, not employees.
The Consultative Committee of Accountancy Bodies (CCAB) is a body consisting of five accountancy institutes in the UK and Ireland, aimed at coordinating activities within the profession and maintaining high standards of practice and ethics.
The Consultative Committee of Accountancy Bodies (CCAB) is a collaborative umbrella group set up in 1970 by the six main accountancy bodies in the UK and Ireland to foster cooperation and address financial accounting and reporting issues.
Materials that are used in a production process but do not form part of the direct cost of sales, such as lubricants and sanding discs.
The ultimate user of a product or service, who may not always be the purchaser of the product.
Consumer behavior involves understanding how and why individuals make purchasing decisions, influenced by internal and interpersonal factors. Marketers use this knowledge to create effective stimuli that prompt sales by aligning with customer personalities and needs.
A leading indicator of consumer spending that gauges public confidence about the health of the U.S. economy through a survey of opinions on various economic factors.
A landmark federal legislation establishing rules of disclosure that lenders must observe in dealings with borrowers, ensuring transparent consumer lending practices.
A consumer finance company is a type of financial institution that specializes in offering credit products and services to individuals who require loans for personal use.
