Archives
Definition: Accumulated benefit obligation is defined as an obligation which measures the company’s pension plan ability. It also refers that the pension plan is to be abolish on the dot, it does not consider any future salary increases. Explanation: It is an important point to be noticed for the investors to looking over a company’s […]
Read More
Definition: Accrued monthly benefit refers to that benefit which will paid to an employee in terms of pension at the time of regular retirement age . Explanation: Mainly, it is based upon the employee’s year of services which he gave to the firm through the accrual date and then it is paid to pension holders […]
Read More
Definition: It is defined as a benefit earned by an employee on a pension plan which is based on a year of services with an employer . Explanation: It considers another form of income employee receive , but this income is not paid immediately for example , if a person is on vocation still he […]
Read More
Definition of AAI AAI is an advanced professional recognition earned by insurance producers who complete their task and then successfully take a series of three national examinations. Explanation of AAI Basically, it includes that information commitment and knowledge which is helpful for the insurance producers to attract clients, this knowledge is also useful for the […]
Read More
Definition The process of recording and processing the accounting events of a company collectively is known as accounting cycle.This cycle starts when a transaction take place and ends when the transaction include in a financial statement. Explanation: Accounting records are maintained through the general ledger and trial balance. Basically it is a method which can […]
Read More
Definition: Accounting concepts is basically the accounting rules that should be follow while preparing the financial statements and accounts . Explanation: It includes four fundamental concepts which are as follows: 1) Accrual Concept: According to this concept revenue and expenses are noted when they occur in a financial statement and when the cash received or […]
Read More
Definition: It includes summary of a person’s or a business’s account activities which have occurred during a given period of time is known as account statement. It is also known bank statement. Explanation: Basically, when an account is maintained then the account statement also mention at that moment. The account statement are as follows i-e […]
Read More
Definition: It is a minimum or sufficient balance , demanded by the bank to maintain the bank account/ investment account. Explanation: Basically, this account may be established to assure that a client has necessary/sufficient capital to deal with a trade .On the other hand, a bank may establish a account minimum either to receive fee […]
Read More
Definition: An account inquiry means when a person inquire an account whether an account may be a depository or credit. Explanation: The term inquiry concerns any other entries relating to the account as well as payments or the past records. Many of the business have an official departments to deal such type of account inquiry.
Read More