What is an Amended Return? An amended return is filed with the tax authority to make corrections to a previous year’s tax return. The tax return’s amended version can increase tax benefits or tax liability, depending on the amendment. To file an amended return in the US, an individual must fill out a 1040X form,…
What is a Purchase Order? A purchase order is a commercial source document that is issued by a business’ purchasing department when placing an order with its vendors or suppliers. The document indicates the details on the items that are to be purchased, such as the types of goods, quantity, and price. In simple terms,…
What is the Enron Scandal? The Enron scandal is likely the largest, most complicated, and most notorious accounting scandal of all time. Through deceiving accounting tricks, Enron Corporation – the US-based energy, commodities, and services company – was able to trick its investors into thinking that the firm was doing much better than it actually…
What is an Anticipatory Breach? An anticipatory breach is when a contract is not fulfilled, and an entitlement to legal remedy occurs. Repudiation occurs when the promisor refuses, or explicitly states, that they will not honor their contractual obligations before the predetermined contractual end date. It can be exercised when the promisee provided consideration in…
What is Aggregation? Aggregation is the consolidation of an individual’s financial data from multiple institutions to one singular institution. Account aggregation, as a finance management concept, is typically completed by an individual’s financial planner to create cohesion, clarity, and simplicity. The aggregation will include creating a central view of a client’s banking accounts, credit accounts,…
What is Logistics? Logistics, or logistical planning, refers to the process that a business uses in order to coordinate its supply chain operations. It includes a wide variety of tasks and activities, such as managing how raw materials or inputs are acquired and transported to the business, how inventory and inputs are stored at the…
What is an Air Waybill (AWB)? An air waybill (AWB) is a legally binding transport document issued by a carrier or agent that provides details about the goods being shipped. It provides detailed information on the contents of the shipment, the sender and recipient, terms and conditions, and other information. The AWB is a standard…
What is an Alternative Trading System? An Alternative Trading System (ATS) is a trading venue that matches buyers and sellers for transactions. What is unique about it is that it is not regulated as an exchange like traditional stock exchanges, but is registered as a broker-dealer, focusing on finding counterparties (buyers and sellers) for security…
What is the Adjusted Closing Price? The adjusted closing price is a calculation adjustment made to a stock’s closing price. The original closing price is the final price in which a stock, or any other particular kind of security, trades during market hours on that specific trading day. However, the original closing price does not…
