Published accounts refer to the financial statements of organizations made available to the public in accordance with legal requirements. In the UK, these often relate to limited companies and include documents provided to shareholders and filed with the Registrar of Companies at Companies House, Cardiff.
Puffing refers to the practice of overstating the qualities or characteristics of a property, often utilized by salespersons to enhance a property's attractiveness. While puffing is commonplace in advertising, it can sometimes lead to legal issues if deemed misrepresentation.
A marketing approach where the seller concentrates efforts on the end user through various promotional activities to create demand at the retail level.
A pull-down menu is a secondary menu that appears below a selected menu item, commonly used in user interface designs to list additional options.
An illegal scheme whereby a large stockholder hires a promoter to help publicize, or 'pump,' the stock to inflate its market price artificially. Following this, the stockholder 'dumps' their shares at the inflated price to make a profit.
An economic policy of increasing government expenditures and/or reducing taxes in order to stimulate the economy to higher levels of output. Pump priming measures are temporary, aimed at fostering spontaneous and sustained economic growth.
A punch card is an index card with holes punched in predefined positions to represent data or instructions. Widely used in the 1960s for inputting information into computers, punch cards have since become obsolete, replaced by more advanced interactive terminals and input devices.
A punch list is an enumeration of items that need to be corrected, including repairs, adjustments, or other modifications, which are often identified prior to or after the sale of a machine or building.
Punctuality is the quality of being on time and meeting deadlines. It signifies responsibility and reliability, essential traits in both personal and professional spheres.
Compensation awarded in excess of actual damages, serving as a punishment for the wrongdoer and reparations for the injured. Typically granted in cases of malicious and willful misconduct.
Pur Autre Vie is an estate in property that a grantor gives to a life tenant, who holds it only for the duration of a third person's life.
An acquisition that is bought, as contrasted with an exchange, gift, or inheritance. Generally, the purchase price serves as the original cost basis.
Purchase accounting, also known as acquisition accounting, is the method used in financial accounting to consolidate the financial statements of two companies when one company acquires another. It involves revaluing the acquired company's assets and liabilities to fair value and recognizing goodwill, if any, in the consolidated financial statements.
The amount of money utilized to acquire a business or investment, irrespective of the source.
A Purchase Contract, also known as a Contract of Sale or Purchase Agreement, is a legal document that outlines the terms and conditions under which a buyer agrees to purchase, and a seller agrees to sell, a particular property, item, or service.
The Purchase Day Book, also known as Bought Day Book in the US, is a financial ledger in accounting where all purchase and expense transactions made on credit are recorded before being posted to the individual supplier accounts in the General Ledger.
The purchase day book, also known as the bought day book or purchases journal, is the book of prime entry where invoice amounts for purchases are recorded.
A purchase discount is a financial incentive offered by sellers to buyers for early payment of an invoice. It is commonly known as a cash discount.
A Purchase Journal is a specialized accounting book where all purchases made on account are initially recorded. It typically includes details about the date of purchase, supplier name, purchase amount, and other relevant information to maintain accurate financial records.
In the USA, a method of accounting for business combinations in which cash and other assets are distributed or liabilities incurred. The purchase method is used if the criteria are not met for the pooling-of-interests method.
A purchase money mortgage is a loan provided by the seller of a property to the buyer as an alternative to traditional mortgage financing. This option facilitates property sales in scenarios where obtaining a conventional loan is challenging.
A written authorization issued by a buyer to a vendor to supply goods or services at a stipulated price. Upon acceptance by the vendor, the purchase order turns into a legally binding contract.
A purchase requisition is a formal document completed by a user department within an organization and sent to the purchasing department to request the acquisition of specific items. It details the quantity, specifications, potential supplier, required date, and delivery point.
Purchased Goodwill represents the premium amount paid over the fair value of the identifiable net assets during the acquisition of a company, reflecting the value of the company’s brand, customer base, and other intangible elements.
The Purchases Account is used to record transactions involving the acquisition of goods either on credit or for cash. It plays a critical role in managing a company's inventory and financial records.
A comprehensive budget set for the purchasing function of an organization under a system of budgetary control, planning the volumes and costs of purchases to be made in a budget period, typically analyzed by material and accounting period.
A purchases journal, also known as a purchase day book, is a specialized accounting record used to track all credit purchases of merchandise for a business.
The purchases ledger, also known as the creditors' ledger, is a detailed accounting record that tracks all the credit purchases a company makes. It manages company liabilities by listing every individual supplier from whom the company buys goods or services on credit.
The purchases ledger control account is a summary account within the general ledger used to record the total amount owed to suppliers and other creditors for goods or services received on credit.
Purchases returns are goods purchased from a supplier that are returned due to being faulty, incorrect, or not meeting specifications.
Purchasing power refers to the quantity and quality of goods and services that a given amount of currency can buy. Changes in purchasing power are influenced by inflation and deflation. This concept is crucial for both businesses and consumers as it impacts economic decisions and financial planning.
The 'purchasing power of the dollar' refers to the amount of goods and services that one dollar can buy in a particular market and time, compared to prior periods. This measurement considers inflation or deflation using an index of consumer prices.
Purchasing Power Parity (PPP) is an economic theory that estimates the currency exchange rates necessary in foreign trade situations so that each currency has the same purchasing power.
Purchasing power risk refers to the risk that inflation will erode the value of the currency in which an investment or deal has been made, effectively reducing the real return on investment over time.
Pure Capitalism is an economic system where the principles of capitalism operate unfettered by any limiting factors such as government control or interference. In this system, the government's role is minimal, performing only those functions that cannot be undertaken by any other entity.
Pure competition is a market condition where numerous producers and consumers exchange a homogeneous product, resulting in the largest output at the lowest price without any single entity influencing the market independently.
Pure Risk refers to situations where there is a risk of loss with no opportunity for gain. These conditions, such as fires, natural disasters, and liability issues, are where the need for insurance coverage is clearly indicated since there is only the risk of loss with no possibility of beneficial gain.
A pure-market economy is an economic system in which the forces of supply and demand determine the production, distribution, and consumption of goods and services, with little to no government intervention.
Push Down Accounting refers to the practice in the USA of incorporating the fair value adjustments on acquisition, including goodwill, made by the acquiring company into the financial statements of the acquired subsidiary.
Push money (PM), also known as promotional money or prize money, refers to additional compensation given by a manufacturer to retail salespeople to incentivize the selling of its products.
The term 'Pushing the Envelope' involves working close to, or at, the extent of personal, physical, or technological limits, often to achieve groundbreaking advancements or surpass existing limitations.
A put option is a financial contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.
The phrase 'Put to Seller' is used when a put option is exercised. The option writer is obligated to buy the underlying shares at the agreed-upon price.
Preceding-Year Basis (PYB) is an accounting method used for reporting financial activities of one year in comparison with the preceding year. This approach allows businesses to analyze and compare financial performance over consecutive fiscal years.
Pyramiding refers to various financial and business strategies, both legitimate and fraudulent, that involve the use of financial leverage, excess distribution chains, or dealership networks designed for growth rather than product utility.
Quantitative Easing 2, often abbreviated as QE2, was a controversial monetary policy program implemented by the U.S. Federal Reserve in 2010 to purchase $600 billion in U.S. Treasury bonds. The program aimed to reduce interest rates and stimulate economic growth but raised concerns about potential inflation.
Qualified acceptance refers to an acceptance of a bill of exchange that modifies the original terms of the bill. It provides protections for the holder, drawer, and endorsers of the bill.
An auditors' report that includes qualifications due to scope limitations or disagreements regarding the treatment/disclosure of matters in financial statements based on the degree of materiality.
A 'qualified charity' or 'qualified charitable organization' is a nonprofit organization recognized by the IRS as eligible to receive tax-deductible contributions.
A Qualified Charity is an organization that has applied for and received tax-exempt status under the Internal Revenue Code, allowing it to receive tax-deductible contributions from donors.
A qualified endorsement is a type of financial endorsement that includes specific wording to limit the endorser's liability, such as 'Without recourse,' to indicate that the endorser is not responsible if the instrument is not honored.
A qualified opinion is a statement issued by an auditor that indicates exceptions or limitations to the comprehensive nature of the audit conducted on financial statements.
A Qualified Organization is a term primarily used in tax law to denote entities that meet specific regulatory criteria and are eligible for certain tax exemptions and privileges.
A qualified organization is an entity to which individuals or businesses can make deductible charitable contributions according to tax regulations.
A pension or profit-sharing plan set up by an employer for the benefit of employees, adhering to IRS rules, where contributions are deductible for the employer, trust income is not taxable, and employees are taxed only upon distribution.
A prospective buyer who has the requisite financial resources, motivation, and authority to make a purchase of a given product or service.
Qualified Replacement Property refers to property acquired in a like-kind exchange or due to an involuntary conversion, provided that the new property has the same qualified use as the property it replaces.
A qualified residence refers to a principal residence and one other residence that a taxpayer or spouse owns. Interest paid on a qualified residence may be deductible as an itemized deduction.
Qualified Residence Interest refers to the interest paid on a home mortgage that may be deductible as an itemized deduction on federal income tax returns. It includes interest on acquisition indebtedness and home equity loans.
An agreement in the USA that allows employees to purchase company stock at a future date at a specified price, often lower than the market price, and meeting the IRS's requirements.
A Qualified Terminable Interest Property (Q-TIP) Trust is an estate planning tool that ensures the surviving spouse receives income from the trust's assets while retaining control for the deceased spouse over the distribution of the assets upon the surviving spouse's death.
A QTIP trust allows a grantor to provide income for their surviving spouse and designate other beneficiaries for the remaining trust assets after the surviving spouse's death.
A qualified transfer refers to any amount paid for an individual's education or medical care that is not considered a taxable gift for gift tax purposes.
An investment vehicle created under the Small Business Job Protection Act of 1996 that allows individuals to make tax-deductible contributions to accounts that accumulate tax-free income if used to cover a beneficiary's qualified educational expenses.
A historical notion referring to any dividend or other distribution from company assets to shareholders that carried a tax credit, allowing shareholders to offset this against their tax liability. This system was replaced by the dividend tax system in April 2016.
A trading loss arising in a current accounting period as a result of computing the profits and losses of an organization in accordance with accepted corporation-tax principles.
A detailed explanation of the qualifying person criteria for obtaining the Head of Household filing status for federal income tax purposes.
A qualifying stock option is a privilege granted by a corporation to its employees, allowing them to purchase the company's capital stock at a special price under specific conditions outlined in the Internal Revenue Code.
Qualitative analysis is the process of identifying the presence or absence of important factors without measuring them precisely.
The qualitative characteristics of accounting information ensure that financial reports are as useful and accurate as possible, governed by various standards and frameworks in different regions.
Qualitative research involves investigating the quality, type, or components of a group, substance, or mixture. It is utilized in advertising audience research to determine the quality of audience responses to advertising content, often using in-depth and focus group interviews to gain insights.
Quality is a measure of the degree to which a product, service, or process meets certain standards or criteria of excellence. It is a critical factor in various fields such as manufacturing, software development, customer service, and healthcare.
Quality Assurance (QA) refers to the management method of guaranteeing that high-quality product and service standards are established and achieved. It aims to create a comprehensive management system known as Total Quality Management (TQM), with the ultimate objective of achieving zero defects.
Quality Circles are small groups of employees who meet regularly within an organization to discuss and develop solutions for management issues and procedures. They are established with management approval and play a crucial role in implementing new procedures and improvements.
Quality Control (QC) is the process of ensuring that products are manufactured to consistently high standards of quality. This often involves inspecting goods at various points in their manufacture using either human or machine resources.
Quality Engineering is a portion of quality management concerned with prevention planning and the correction of nonconformance in the production or service cycle.
The degree to which the net profit of an organization reflects accurately its operating performance; it is particularly important to ensure that creative accounting has not taken place and that no events have occurred to distort the profit figure.
Quality of Work Life (QWL) is a concept that refers to the level of satisfaction, motivation, fulfillment, and well-being employees experience in their work environment. It addresses a variety of aspects in the workplace, including job satisfaction, work-life balance, relationships with colleagues, and work conditions.
Quality of Work Life (QWL) encompasses the overall employment environment within an organization that impacts the attitudinal and motivational mindset of employees. It involves various factors such as job satisfaction, work conditions, and employee benefits that contribute to the well-being and productivity of staff.
An overview of the quasi-autonomous non-governmental organization, often abbreviated as QUANGO, including its function, structure, and relevance in public administration. While not government entities, these organizations operate under government oversight to fulfill specific public duties.
A Quant, or quantitative analyst, is a professional with strong mathematical and computer skills who provides numerical and analytical support services, typically in the finance sector.
Quantitative Analysis involves using mathematical and statistical methods to evaluate investments, business operations, and financial data.
Quantitative budgets refer to budgets that cover the non-financial aspects of budgetary control, including the number of units of products planned to be produced and the number of direct labor hours to be worked.
Quantitative Easing (QE) is a non-traditional monetary policy used by central banks to stimulate the economy by increasing the money supply and lowering interest rates.
Quantitative Easing (QE) is a monetary policy tool used primarily by central banks to stimulate the economy by purchasing long-term securities in the open market, thereby increasing the money supply and lowering interest rates to boost economic activity.
Quantitative Easing (QE) is a monetary policy used by central banks to stimulate the economy when conventional monetary policy becomes ineffective. Primarily enacted during periods of low or zero interest rates, QE involves the creation of new money electronically to purchase government securities and increase the money supply.
Quantitative easing (QE) is a form of unconventional monetary policy in which a central bank purchases longer-term securities from the open market to increase the money supply and encourage lending and investment.
Quantitative research is a systematic investigation that primarily deals with the quantities of things, involving the measurement of quantity or amount. It's widely applied in various fields such as advertising audience research to develop actual numbers of audience members to accurately measure market situations.
Quantity demanded refers to the specific amount of a particular good that buyers are willing to purchase in the market at a given price level. It is a key concept in economics that helps in understanding the dynamics of supply and demand.
A discount provided to buyers based on the amount of merchandise purchased, encouraging bulk procurement. Also known as volume discount.
The amount of a good or service that will be brought to market at a given price. The schedule of quantities supplied at each market price defines the Aggregate Supply Curve.
A fundamental theory in monetarist economics that posits a relationship between the money supply (M), price levels (P), velocity of money (V), and national income (Q) summarized by the equation MV = PQ.
Quarter Days are four days traditionally recognized at the beginning or end of the four quarters of the year, primarily for purposes such as charging rent. They have historical significance in various parts of the UK.
The term 'quarterly' commonly refers to events, processes, or publications occurring every three months, but it holds special significance in the contexts of business, finance, and securities.
In the USA, a quarterly report is a financial report issued by a company every three months, containing essential financial statements and a narrative overview of business operations.
Employment and estimated tax returns that are due quarterly to report gross wages paid and withholdings of income tax, Social Security tax, and Medicare tax. These include Forms 941, 942, and 943. Some state unemployment tax returns are also due quarterly.
Quartiles are statistical measures dividing a data set into four equal parts. Each quartile represents a rank order segment in the distribution of the data. The first quartile (Q1) represents the 25th percentile, the second quartile (Q2) or the median represents the 50th percentile, the third quartile (Q3) represents the 75th percentile, and the fourth quartile (Q4) represents the upper range of data.
A quasi contract is an obligation created by law for reasons of justice and fairness. It ensures that one party pays for a benefit they desired and received under circumstances that make it inequitable to retain without compensation.
Quasi money, also known as near money, refers to assets that are not cash but can be quickly converted into cash with little or no loss of value.
A quasi-contract is a legal obligation imposed by a court to prevent unjust enrichment and ensure fairness, even though no formal contract exists between the parties.
