Property Depreciation Insurance coverage ensures replacement of damaged or destroyed property on a new replacement cost basis without any deductions for depreciation. This coverage is equivalent to replacement cost property insurance.
Property insurance is a type of insurance policy that provides financial reimbursement to the owner or renter of a structure and its contents in case of damage or theft. It also provides liability coverage against accidents that may occur on the property.
A Property Investment Certificate (PINC) is a financial tool or instrument that represents an individual's or entity's ownership in real estate investments, allowing for diversified exposure to property markets.
A certificate that gives the bearer a share in the value of a particular property and a share of the income from it. PINCs can be bought and sold.
A property line represents the officially recorded boundary of a plot of land, which legally defines the perimeter of an individual's or entity's ownership.
Property management involves the operation of real estate as a business, including activities such as rental, rent collection, maintenance, and numerous other tasks related to the ownership and oversight of properties.
A Property Report is a mandatory document required by the Interstate Land Sale Full Disclosure Act for the sale of subdivisions containing 50 lots or more, unless exempt. This report is filed with HUD's Office of Interstate Land Sales Registration.
Property rights refer to the legal rights to the ownership, use, and transfer of land, capital, and other goods. They are an essential element of the capitalist system and form the foundation for private ownership and profitability.
A tax based on the value of property owned by a taxpayer. In the UK, council tax and business rates are charged based on the property’s value, defined by a series of value bands which depend on the region.
Property, Plant, and Equipment (PP&E) are tangible fixed assets used in operating a business. This category includes land, buildings, machinery, fixtures, and other types of equipment that are expected to be used over multiple accounting periods.
Proportional consolidation is a method used in group accounts for subsidiaries that are not fully owned, including a proportionate share of each category of a joint venture in revenues, expenditures, assets, and liabilities line by line. This method contrasts with the equity method and has been a topic of much debate.
A typeface characteristic where characters have different widths, enhancing readability compared to fixed-pitch typefaces.
A proportional tax, also known as a flat tax, imposes the same percentage rate of taxation on everyone, regardless of income or wealth level.
Proportional taxation is a tax system where the tax rate remains constant regardless of the amount of income earned. It applies a uniform tax rate to all individuals, which means that both the wealthy and poor pay the same percentage of their income in taxes.
A proposed dividend is a dividend that has been recommended by the directors of a company but has not yet been approved by the shareholders or paid to the shareholders.
Proprietary refers to anything that is owned by a particular person or entity. In the realm of trade secrets law, proprietary information is protected information or knowledge where ownership rights are established and are typically safeguarded by contractual agreements, rather than through patents.
A proprietary company, commonly marked with the suffix 'Pty' or 'Pty Ltd,' is a type of privately held business entity predominantly associated with Australia. Such companies have restrictions on the transferability of shares and are limited to a maximum of 50 shareholders.
Proprietary interest refers to any right in relation to a chattel that enables a person to retain its possession indefinitely or for a period of time.
A proprietary lease is a type of lease agreement used in cooperative housing that grants a shareholder the right to occupy a specific apartment unit within the cooperative building.
A proprietary operating system is specifically designed to run on only one type of computer, limiting the ability of software applications to run on other systems and also constraining the market for any application software exclusive to that OS.
The proprietary view in accounting emphasizes the rights and interests of shareholders rather than viewing the enterprise as a separate entity.
A proprietor is an owner of a property or business. In the context of a company, the owners are referred to as shareholders.
An unincorporated business owned by a single person, where the individual proprietor has rights to all profits and responsibilities for all liabilities. The income is reported on Schedule C of Form 1040 and is subject to self-employment tax.
In tax law, proprietorship income refers to the income earned within businesses that are sole proprietorships (owned by one person and not incorporated).
ProQuest Accounting and Tax is an online bibliographical database ideal for academics and professionals in the fields of accounting and tax. Offering a library-based subscription service, it provides abstracts or full-text versions of scholarly papers, trade publications, reference reports, conference proceedings, and academic dissertations.
To allocate between seller and buyer their proportionate share of an obligation paid or due, such as real property taxes, insurance, or unearned rent.
Strategic advantages and disadvantages regarding a particular situation. For example, the pros and cons of launching a new product at a particular time have to be weighed in terms of competitive and other market factors.
A prospect refers to a potential client, customer, or employee who is expected to engage in a business transaction or association. The term is commonly used in sales, marketing, and HR contexts.
A document that provides detailed information about a new issue of shares or debentures, inviting the public to invest. The prospectus must comply with regulatory requirements and be filed with the appropriate authority.
A situation characterized by economic growth, low unemployment, and a general sense of well-being among the majority of the economy's population.
A protected class is an identified minority subgroup of the population that cannot be legally discriminated against under federal law.
Protectionism encompasses economic policies designed to restrict imports of goods that compete with domestic producers. It aims to shield domestic industries from foreign competition, thereby enabling local businesses to thrive.
Protective covenants are conditions written into real estate deeds or leases to protect the property owner's interests by regulating use, controls, and restrictions.
Understanding the meaning of protest, including its various forms, examples, frequently asked questions, related terms, online references, and suggested books for deeper knowledge.
A protocol encompasses both formal diplomatic rules of etiquette and a series of rules and conventions that enable communication between different computer systems and applications over a network.
The principal value of an oil or gas property, demonstrated through methods such as prospecting, exploration, or discovery work. Proven property examples include development wells, but exclude wildcat wells.
A financial estimate calculated to cover debts deemed uncollectable during an accounting period. It distinguishes between general and specific provisions based on the likelihood of debt recovery.
Provision for depreciation refers to the allocation of the cost of a tangible fixed asset over its useful life, ensuring accurate representation of asset value in financial statements and compliance with accounting and tax regulations.
An amount set aside out of profits in the accounts of an organization for a known liability, even though the specific amount might not be known, or for the diminution in value of an asset.
A proviso is a condition or stipulation which serves to except something from the basic provision, qualify or restrain its general scope, or prevent misinterpretation.
A Proxy is a person authorized to act on behalf of a shareholder or member of a company during meetings to vote on matters discussed. This authorization includes specific instructions on how the proxy should vote on various resolutions.
A technique used by an acquiring company to attempt to gain control of a takeover target by persuading shareholders to oust the current management in favor of directors favorable to the acquirer.
A Proxy Statement is a document required by the Securities and Exchange Commission (SEC) to be provided to shareholders before they vote by proxy on company matters. It includes information on proposed members of the board of directors, inside directors' salaries, and pertinent information regarding their bonus and option plans.
Prudence involves displaying foresight, caution, and discretion in one's actions. It implies being careful, measured, and avoiding careless or reckless behavior.
The prudence concept is an accounting principle that mandates a realistic view of business activity, emphasizing the inclusion of anticipated revenues and profits in the profit and loss account only upon realization.
The Prudent-Man Rule is a legal standard adopted by some U.S. states to guide fiduciaries in making investment decisions, emphasizing discretion and intelligence in seeking reasonable income, preserving capital, and avoiding speculative investments.
Established in April 2013, the Prudential Regulation Authority (PRA) functions as the UK's prudential regulator for banks, building societies, credit unions, insurers, and major investment firms. It aims to promote the safety and soundness of these institutions and create a more resilient financial system.
Psychic income refers to the non-monetary benefits an individual gains from their work, which gratify psychological and emotional needs. Examples include power, prestige, recognition, and fame.
Psychographics involves determining market segmentation based on consumer psychological profiles. It encompasses various psychological attributes such as interests, values, attitudes, and lifestyle preferences, providing a deeper understanding of consumer behavior.
An abbreviation for proprietary company, used primarily in Australia and the Republic of South Africa to denote private limited companies.
A Public Accountant is recognized in a few states and refers to those accountants who served the public before the establishment of accountancy laws. They are distinguished from Certified Public Accountants (CPAs).
Public accounting refers to the services provided by Certified Public Accountants (CPAs) to a variety of clients including individuals, businesses, governments, and non-profits. It involves independent auditing and results in the issuance of an accountant's opinion or auditor's report.
A public adjuster is a professional claims handler who legally represents an insurance claimant in the event of major property damage, working to negotiate and expedite fair settlement with the insurance company.
Public Benefit Entity (PBE) refers to a type of not-for-profit organization that exists primarily for social, educational, charitable, or other public benefits rather than for profit generation. These entities are driven by goals that focus on public good.
A public benefit entity (PBE), also known as a not-for-profit organization, refers to an entity whose primary objective is to provide goods or services for community or societal benefits rather than for profit.
A public carrier, often referred to as a common carrier, is an individual or business that advertises to the public for the transportation of goods or passengers for a fee.
A public charity is a type of nonprofit organization that draws its support from a broad base within the community. This can include schools, churches, hospitals, and other organizations. It offers more generous contribution limitations for donors and must adhere to specific criteria regarding its sources of income.
Public choice theory is the application of economic theory to the public sector and the analysis of the demand and supply of government services. It views the public sector as a supplier attempting to maximize its welfare, typically focusing on decisions designed to promote the reelection of incumbent politicians.
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports.
PCAOB oversees the conduct of auditors of public companies to ensure accurate and reliable financial reporting, enhancing investor confidence in the capital markets.
Corporations created by federal, state, and local governments for specific public purposes, including education, health and hospitals, waste removal, and transportation.
Public debt, also known as government debt or sovereign debt, refers to the borrowings by governments to finance expenditures not covered by current tax revenues. It is accumulated by the government through the issuance of securities such as bonds and is an essential part of fiscal policy and economic management.
The term public domain refers to all lands and waters in the possession of the United States and the lands owned by individual state governments, which differ from privately owned lands and waters. It also includes all information that is free from copyright protection, making it available for public use without restriction.
Public employees are individuals employed within the public sector, serving at various levels of government including federal, state, and local agencies, as well as special districts. They may be elected, appointed, or selected through merit-based examinations.
A comprehensive exploration of public examination in bankruptcy proceedings, including its definition, examples, frequently asked questions, and resources for further study.
A Public Finance Accountant is a specialized professional in the field of accounting who focuses on preparing financial accounts and acting as management accountants for government agencies, local authorities, nationalized industries, and other publicly owned bodies.
Public goods are products and services typically provided by the government because they are more effectively managed in the public domain rather than the private marketplace. Examples include national defense, police services, and public parks.
Public housing refers to government-owned housing units that are made available to low-income individuals and families for nominal rental rates. It aims to ensure affordable and adequate housing for those who might not be able to afford it otherwise.
Public Housing Authority Bonds are obligations issued by local public housing agencies, secured through an agreement with the Department of Housing and Urban Development to ensure federal support for necessary financing.
Public Interest refers to values generally thought to be shared by the public at large. However, there is no one public interest; rather, there are many public interests depending upon individual needs.
A Public Interest Entity (PIE) is an organization that operates under the scrutiny of the public eye due to its size, importance, or influence in the marketplace. These entities often include publicly traded companies, banks, insurance companies, and other financially significant institutions.
A public interest entity (PIE) refers to an institution subject to special statutory audit requirements due to the potential broader or more significant consequences of misstatements in its published accounts. This is particularly relevant within the EU regulatory framework.
The Public Interest Oversight Board (PIOB) is an international oversight body established to enhance the quality and credibility of international professional standards in audit, ethics, and education for accountants, thereby protecting the public interest.
An independent body established to oversee the activities of key international accountancy standard-setting bodies to ensure they serve the public interest.
Public Interest Research Groups (PIRGs) are independent, non-profit organizations that promote consumer rights, the environment, and good government through advocacy and research.
Acreage held by the government for conservation and various regulated activities, including grazing, wildlife management, recreation, and mineral development.
Constitutional, statutory, or judicial law developed by governments and applied equally to the general public. Contrast with Private Law.
A Public Limited Company, abbreviated as PLC or (c.c.c.) in Welsh, is a type of company whose shares are traded freely on a stock exchange and can be bought by the general public. These companies adhere to more complex regulations and scrutiny to ensure transparency and protect investors.
A public limited company (PLC) is a type of company under UK, Indian, and certain Commonwealth countries' law which is publicly traded and operates with limited liability.
A company registered under the Companies Act as a public company, authorized to offer shares and securities to the public. A PLC has stricter regulatory requirements compared to private companies.
A public offering refers to the sale of equity shares or other financial instruments by an organization to the public to raise capital. This process typically involves issuing stock through an initial public offering (IPO).
A public offering involves inviting the public to apply for a new issue of shares or other securities, typically through advertisements in the national press and at a price fixed by the issuing company.
A public offering refers to the process where securities are offered for sale to the general public, typically through a stock exchange. This mechanism allows companies to raise equity capital from a broad investor base.
Public ownership refers to the government ownership and operation of a productive facility or entity for the purpose of providing goods and services to the public, as well as portions of a corporation's stock that are publicly owned and traded in the market.
Public purpose refers to the justification that government must provide in its use of eminent domain to acquire private property for public use. This includes scenarios such as infrastructure projects, public safety, and community development.
A repository for official documents and records that are maintained by governmental entities.
A form of communication primarily aimed at image building, dealing with issues rather than specific products or services. Public relations utilizes unpaid publicity across various media, often positioned as news or items of public interest.
A public sale refers to a sale conducted through a notice to the public where members of the public are invited to bid. These sales are typically characterized by transparency and open competition among bidders.
The Public Sector Borrowing Requirement (PSBR) refers to the amount of money the government needs to borrow to cover its expenditures if these exceed its income. It serves as an economic indicator tracking the difference between government expenditures and income from taxes and other revenue streams, typically over a fiscal year.
Public Sector Net Cash Requirement (PSNCR) refers to the amount of money that the government needs to borrow in a specified period to meet its expenditures and obligations, after accounting for its income.
The Public Sector Net Cash Requirement (PSNCR) represents the amount of borrowing needed by the UK government when its expenditure surpasses its income.
Public Use refers to the right of the public to use or benefit from the use of property condemned by the government through the exercise of its power of Eminent Domain. One of the limitations upon this use is that the property taken must serve a public benefit or purpose.
Public utilities are for-profit companies characterized by natural monopolies due to the nature of their business, leading to government regulation to ensure fair pricing and distribution.
Public works are government projects designed for the public good and financed by public revenues. These projects include the construction of infrastructures such as dams, highways, schools, and government buildings.
A Public-Private Partnership (PPP) is a cooperative arrangement between one or more public and private sectors, typically of a long-term nature, designed to finance, build, and operate projects such as public transportation systems, parks, and social infrastructure.
An extensive guide on Public-Private Partnerships (PPP), focused on their utilization in the UK, benefits, drawbacks, and examples such as the private-finance initiative (PFI).
Items of expenditure incurred in carrying out the publicity function in an organization. Publicity costs might include the publicity manager's salary, advertising costs, promotions, and point-of-sale material.
A publicly held corporation is a type of business entity whose shares of common stock are offered to the general public and traded on a national stock exchange.
A publicly traded corporation, also known as a publicly held corporation, is a company that has sold a portion of itself to the public via the issuance of stock on a stock exchange, allowing for liquidity and access to capital.
A Publicly Traded Partnership (PTP) is a limited partnership with interests that are traded on public exchanges or over the counter. This type of partnership is also referred to as a Master Limited Partnership (MLP) and is subject to federal securities law registration requirements.
