A subcontractor is an individual or business that is hired by a general contractor to perform a specific task as part of a larger project. The general contractor remains responsible for the overall completion and quality of the project.
A lower level of a directory or folder, which may itself also contain one or more subdirectories or subfolders. The whole hierarchy of directories and subdirectories is known as the directory tree.
A subdivider is an individual or entity that partitions a tract of land into smaller plots for the purpose of selling these plots. Typically, a subdivider also installs necessary infrastructure such as utilities and streets to make the plots ready for development.
The process of dividing a tract of land into smaller parcels to facilitate development, often accompanied by the installation of utilities and streets.
A subdivision is a tract of land divided into individual lots that are suitable for homebuilding or other development purposes. Most states and localities require that a subdivision plat be recorded to ensure proper and compliant land use.
The condition of sale of real estate property whereby the purchaser takes property encumbered by a pre-existing mortgage, and the purchaser's obligation to the mortgagee is limited to the property subject to the mortgage, unless the purchaser becomes personally liable on the debt by assuming the mortgage.
Subjective goodwill of an enterprise is calculated by deducting its net tangible assets from the net present value of its estimated future cash flows.
Subjective probabilities represent individual beliefs about the likelihood of an event occurring, differing from objective probabilities that are based on statistical evidence.
A sublease is a rental arrangement in which the original tenant leases out part or all of the rented property to a new tenant.
Subletting refers to the act of a tenant leasing out part or the entirety of a property to another party under the conditions of their own lease agreement with the landlord.
Subliminal advertising refers to advertising messages that are presented below the threshold of consciousness, making them undetectable to the conscious mind but able to influence subconscious behavior.
Subordinated debt is a type of unsecured debt that can only be claimed by a creditor after the claims of secured creditors have been met, particularly in the event of a liquidation.
Subordination refers to the process of establishing the priority of one claim or debt over another. It is commonly used in various fields including finance and real estate to manage the hierarchy of obligations and claims.
A subpoena is a legal document issued under the authority of a court to compel the appearance of a witness or the production of documents for judicial proceedings. It carries legal penalties for non-compliance.
An exploration of subprime lending: providing loans to borrowers with poor credit ratings. Discussing the risks, costs, and historical implications—especially the role in the 2007-08 financial crisis.
A subprime mortgage is a type of loan granted to individuals with poor credit histories, which disqualifies them from conventional mortgage loans.
The principle that, having paid a claim, an insurer has the right to take over any other methods the policyholder may have for obtaining compensation for the same event.
In computing, a subroutine is a set of instructions designed to perform a frequently used operation within a program.
Subscribed share capital refers to that portion of the company's equity that investors have agreed to buy and for which they have committed to pay, though full payment may not yet have been made. It is a subset of the issued share capital.
Subscript refers to a number or letter used to identify a particular element in an array. In mathematics, subscripts are written below the line, whereas in most computer languages, they are enclosed in parentheses.
A subscripted variable, also known as an array, is a data structure in which multiple elements are stored, each identified by an index or subscript.
An agreement to receive or participate in a service, product, or offering, typically involving periodic payments or commitments.
The subscription price refers to the fixed price at which existing shareholders of a corporation are entitled to purchase additional common shares in a rights offering or exercise their subscription warrants.
The right of existing shareholders of a corporation, or their transferees, to buy shares of a new issue of common stock before it is offered to the public.
A contractual right allowing existing shareholders to purchase additional shares of a new issue of common stock before it is offered to the public, aiding in preemptive protection against dilution of ownership.
A subsequent event is a material happening that occurs after the date of the financial statements but before the audit report is issued. Footnote disclosure is required to inform financial statement users properly. Typically, such events have a significant impact on financial position or earning capacity.
In mathematics, a subset is a set whose elements are all contained within another set. For example, Set A is considered a subset of Set B if every element of Set A is also an element of Set B. However, it is not necessary for all elements of Set B to be in Set A.
A subsidiary is an undertaking that is controlled by another undertaking, often referred to as the holding or parent company. The specific criteria for what constitutes control are defined by legislation, such as the Companies Act. Typically, a subsidiary's financial statements are consolidated into the financial statements of the parent company.
A subsidiary ledger provides detailed information supporting a specific umbrella account found in the general ledger, ensuring data consistency and detailed record-keeping.
A subsidy is a financial aid or support extended by the government to certain individuals or groups, aimed at promoting economic and social policies.
Subsistence refers to maintenance without growth, typically in the context of standard of living. It denotes a level of living that is sufficient to keep the economic unit alive and reasonably healthy, but provides nothing more.
An economic proposition asserting that wages cannot fall below the subsistence level for an extended period as such a level cannot sustain the labor force.
An important concept in accounting, according to which transactions and other events are accounted for by their commercial reality rather than their legal form.
Substance vs. Form Concept in accounting and taxation refers to the distinction between the material or essential part of a transaction (substance) and the observance of legal or technical order (form). It is critical to distinguish between these in various tax situations, where courts and the IRS may look past the form to determine the actual substance of a transaction.
A person who makes a series of significant financial gifts to a charity, impacting the tax treatment of transactions between the donor and the charity.
Audit tests designed to check the completeness, ownership, existence, valuation, and disclosure of the information contained in the accounting records and financial statements of an organization being audited.
A substitute cheque, also known as an image replacement document (IRD), is a negotiable instrument used in electronic clearing mechanisms to improve the efficiency and speed of check processing.
The concept of substituted basis is crucial in taxation, especially when dealing with property that has either an exchanged basis or a transferred basis. It helps in determining the tax implications of property transfers and exchanges.
Substitutes are products or services that can be used in place of each other, fulfilling similar needs or functions. Substitutes play a crucial role in determining market dynamics and consumer choices.
Substitution refers to the act of replacing one element with another in various contexts including banking, contract law, economics, law, and securities.
The substitution effect in economics refers to the change in consumption patterns due to a change in the relative prices of goods. When the price of a good decreases, consumers are more likely to substitute it for other goods, increasing their consumption of the now cheaper good. Conversely, when the price of a good increases, consumers will tend to switch to substitutes that have become relatively cheaper.
Substitution Law is an economic proposition stating that no good is absolutely irreplaceable; at some set of prices, consumers will opt for substitute goods.
In a graphical diagram illustrating relative consumption, the substitution slope represents the relationship of the substitution of any pair of goods with respect to one another at different prices out of a given income.
Detailed explanation of subsurface rights, their importance in real estate and mineral extraction, and how they differ from surface rights.
A subtenant is an individual or entity that leases a part or whole of a rented property from the original lessee for a period that is equal to or shorter than the term of the original lease. The original lessee, in this arrangement, becomes the sublessor.
A preliminary sum that represents the total of a set of numbers before any additional amounts, such as taxes or discounts, are included.
A suburb is a town or an unincorporated developed area close to a city that is largely residential and typically characterized by low-density development compared to urban centers.
A method of eliciting worker suggestions for management by having a box or receptacle where employees can place anonymous or signed comments; a method of obtaining employee feedback.
A structured method to elicit, gather, and implement worker suggestions aimed at improving organizational processes, efficiencies, and morale.
A seller's agent is a real estate professional who represents the seller in a property transaction. They have a fiduciary duty to act in the best interest of the seller.
A suit is a legal proceeding through which an individual or entity pursues a remedy that could be allowed by a court of law. It represents a formal dispute resolution process where judicial decisions are sought for enforcement of legal rights and obligations.
The sum-of-the-digits method is a technique for calculating the depreciation of a fixed asset, where the majority of the depreciation is recognized in the early years of the asset's life.
The Sum-of-the-Years'-Digits (SYD) depreciation is a method of allocating the cost of an asset over its useful life. This method involves computing a fraction each year that is applied against the depreciable amount, making it an accelerated depreciation method.
The Sum-of-the-Years'-Digits (SYD) method is an accelerated depreciation technique that allows for higher depreciation expenses in the earlier years of an asset's life and lower expenses as the asset ages.
An abbreviated form of the annual accounts and report that can be sent by listed companies to their shareholders instead of the full report, given specific conditions are met.
Summary possession is a legal term referring to an expedited court proceeding used by landlords to regain possession of rental property from tenants, commonly referred to as an eviction.
A summons is a legal mandate requiring the appearance of the defendant under the penalty of having a judgment entered against them for failure to appear. The primary purpose of a summons is to notify the defendant that they have been sued.
Sundry expenses refer to small, miscellaneous costs that are not easily classified under a specific heading in the accounting records.
Sunk costs are previous expenditures that cannot be recovered and are typically irrelevant to future decision-making.
Sunset industry refers to a mature industry that is at the end of its product life cycle, often characterized by declining demand, technological obsolescence, and reduced profitability.
A condition in a law or regulation that includes its own expiration date unless specifically reinstated by legislation.
State or federal laws, also known as government in the sunshine laws, require most meetings of regulatory bodies to be held in public and most of their decisions and records to be disclosed.
Superannuation is an organizational pension program created by a company for the benefit of its employees, synonymous with an occupational pension scheme. Funds deposited in a superannuation account grow until retirement or otherwise withdrawn.
Extremely powerful and technologically advanced computers used for solving complex and computationally intensive scientific or engineering problems.
A Superfund is an account established by the federal government dedicated to cleaning up areas polluted with hazardous waste when no other source of payment is available.
A superintendent is a person who has oversight and charge of a department in an organization, often serving as a senior manager to ensure efficient and effective operations.
A supermarket is a large self-service retail store offering a variety of food and household products, organized into aisles and often operating on a cash-and-carry basis.
A self-service retail establishment that covers a large area and offers a wide variety of goods including food and non-food items such as groceries, electronics, clothing, and more.
A supplemental agreement is a legal document that amends a previous contract by adding additional conditions and stipulations. It serves as an extension or modification to the original agreement without entirely replacing it.
Supplemental Security Income (SSI) is a needs-based program administered by the Social Security Administration that provides supplemental income to individuals who are aged, blind, or disabled, with limited income and resources.
Supplemental Security Income (SSI) is a federal program designed to provide financial aid to individuals with low income and minimal assets. It offers monthly payments to eligible recipients, including those who are elderly, blind, or disabled.
Supplemental Unemployment Benefits (SUB) are payments received by terminated employees from an employer-financed fund that are distinguishable from standard unemployment compensation.
Supplemental wages include bonuses, commissions, overtime pay, and certain [SICK PAY]. An employer can withhold income tax at a flat 25% rate or use the same method as for regular wages.
The Supplemental Young Child Credit is a component of tax policy aimed at providing additional financial support to families with young children. This credit is often integrated within broader tax credit programs, such as the Earned Income Tax Credit (EITC) in the United States, to reduce the tax burden for qualifying taxpayers with dependent children.
A supplier is an individual or entity that provides goods, materials, or services to another organization, typically in a commercial context.
Supplier credit is a financing method in which a supplier allows a buyer to purchase goods or services on credit, paying for them at a later date, potentially improving the buyer’s cash flow and operational efficiency.
Supply refers to the total amount of a commodity that producers are willing and able to sell at various price levels in a given time period. In economic terms, supply is a fundamental concept related to the available production capacity and market pricing dynamics.
Graphic representation of supply and demand schedules of a particular market showing the equilibrium point where the supply and demand curves intersect, determining the equilibrium price and quantity.
Supply Chain Management (SCM) involves tracking the movement and demand for components used in manufacturing across various suppliers to provide insight and the ability to respond promptly to changes. SCM aims to optimize production, decrease manufacturing time, minimize inventory, streamline order fulfillment, and reduce costs.
The Supply Price corresponds to the specific price level at which producers are willing to supply a particular quantity of goods or services, as indicated by a supply schedule or supply curve.
Supply risk refers to the inherent risks associated with the unavailability or disruption of raw materials necessary for the operation of a business or project.
Supply-Side Economics is a theory of economics contending that drastic reductions in tax rates will stimulate productive investment by corporations and wealthy individuals, ultimately benefiting the entire society. This theory was championed in the late 1970s by Professor Arthur Laffer.
A support cost centre refers to a department or unit within an organization that provides essential services to other departments, enabling them to operate smoothly and efficiently without directly contributing to the final product or service.
A support level is a price level at which a security tends to stop falling because there is more demand for the security than supply of the security. It is an important concept in technical analysis used by traders and investors to make informed decisions.
The Support Test is one of the five criteria used to determine whether an individual can be claimed as a dependent on a taxpayer's tax return.
The Supreme Court is the highest appellate court or court of last resort in the federal court system and in most states. It reviews the constitutionality of tax laws and some tax decisions by Courts of Appeal under its certiorari procedure.
A surcharge is an additional fee or levy added to an existing charge, cost, or tax. It is commonly applied to manage varying expenses or to cover costs that aren't accounted for in the primary charge.
A notice issued when a trader is late with a value-added tax (VAT) return or with the payment of the VAT. The surcharge period is specified on the notice and it will run to the anniversary of the end of the period in which the default occurred.
A surety bond is a legally binding contract involving three parties: the principal, the surety, and the obligee, where the surety agrees to fulfill the obligation if the principal defaults.
Surfing refers to the act of casually browsing or exploring the World Wide Web, typically without a specific goal in mind. The term is analogous to 'channel surfing' with a TV remote control, where a person flips through TV channels looking for something interesting to watch.
A surge protector is a device designed to protect electrical appliances from voltage spikes by blocking or shorting excess voltage from the AC power line.
Surplus refers to any excess amount over what is needed, particularly in finance and corporate accounting. It denotes assets that remain after liabilities, debts, and capital stock have been deducted.
Surplus Advance Corporation Tax (ACT) refers to the excess amount of advance corporation tax paid within an accounting period that surpassed the maximum amount allowable for set-off against gross corporation tax. This taxation mechanism was abolished effective 1 April 1999.
In Marxist theory, surplus value represents the excess value produced by labor over the wage paid to laborers, considered a primary source of capitalist profit.
Surrender is the cancellation of a lease agreement by mutual consent of both the lessor (property owner) and the lessee (tenant), effectively ending their contractual lease obligations.
The surrender value is the sum of money given by an insurance company to the insured on a life policy that is canceled before it has run its full term. The amount is calculated approximately by deducting from the total value of the premiums paid any costs, administration expenses, and charges for life-assurance cover up to the cancellation date.
A survey is a methodologically structured process by which information is collected from a group of respondents to understand public attitudes, preferences, behaviors, or characteristics. Surveys are widely used in various fields such as marketing, political science, sociology, and public health.
A survey area refers to a specific geographic location that is used to collect data, typically during research studies or market analyses. The purpose of defining a survey area is to ensure the data collected is relevant and represents the broader population or market being studied.
A surveyor is a professional who measures and maps out the position, dimensions, and contour of the land or structures on the surface of the Earth. This role is crucial in various industries including construction, real estate, and civil engineering.
A surviving spouse refers to a widow or widower who outlives their partner. In tax terms, a surviving spouse may file a joint return with the deceased spouse in the year of death and use joint return tax rates for two years following the spouse's death if certain conditions are met.
