Mathematics

Abacus
An ancient device for performing arithmetic calculations by sliding beads along rods or in grooves. Despite the spread of electronic calculators and computers, the abacus is still widely used in the Far East.
Billion
The term 'billion' has historically had different definitions in the USA and the UK. It once meant one million million (10^12) in the UK and one thousand million (10^9) in the USA. However, it is now almost universally accepted to mean one thousand million (10^9).
Constant
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.
Factorial
The concept of factorial is used both in statistics and mathematics to describe either a certain type of experimental design or the product of all positive integers up to a given number.
Fixed-Point Number
A fixed-point number in which the decimal point is set at a fixed location, commonly used for representing numbers with a predetermined scale.
Iteration
Iteration refers to the process of repeating a particular action in programming, mathematics, and other fields. It includes definite iteration, which repeats a fixed number of times, and independent iteration, which stops when a specific condition is met.
Management Science
Management Science pertains to the study of management with a focus on using mathematics and statistics to resolve production and operations problems. It provides management with a quantitative basis for decision-making.
Matrix
A matrix is a mathematical term describing a rectangular array of elements such as numerical data, parameters, or variables. Each element within a matrix has a unique position, defined by the row and column.
Minimax Principle
The Minimax Principle is a decision criterion aimed at minimizing the maximum possible loss or regret. It involves selecting the outcome with the smallest potential loss, thereby aiming to achieve the least amount of regret in case of failure.
Polish Notation
Polish Notation, also known as Reverse Polish Notation (RPN), is a mathematical notation in which every operator follows all of its operands, thereby eliminating the need for parentheses to indicate operation order.
Subscript
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.
Subset
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.
Variable
A variable is a data item that can change its value; it is also referred to as a factor or an element in various fields such as statistics, computer science, and mathematics.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.