What is the North American Industry Classification System (NAICS)? The North American Industry Classification System (NAICS) is a system that organizes and divides businesses into sectors, sub-sectors, and specific industries via a descriptive label and a grouping code of up to 6 digits. NAICS classifies by the similarity of production activity that an establishment carries…
What is a Vertical Well? A vertical well is a type of borehole that is aimed at a target directly underneath it. Although it is aimed straight down at a reservoir of oil or gas, it does not include a completely vertical borehole. It is also different from other boreholes that are turned horizontally towards…
What is Vesting? Vesting is the process by which an employee acquires a “vested interest” or stock option in their company. The stock option, equity, or employer-specific contribution is typically offered by the company when the employee has been at the organization for a given number of years. Employers may also make contributions to the…
What is Non-Operating Income? Non-operating income refers to the part of a company’s income that is not attributable to its core business operations. It is a category in a multi-step income statement. Investment income, gains or losses from foreign exchange, as well as sales of assets, writedown of assets, interest income are all examples of…
What is a Value-Added Network (VAN)? A value-added network (VAN) is used by businesses to exchange information among each other. The main goal of a VAN is to facilitate electronic data interchange (EDI) between businesses. The VAN sits on top of an existing common carrier. The carrier provides additional services on top of the infrastructure…
What is North Sea Brent Crude? North Sea Brent Crude is a trading classification of crude oil that serves as one of the main benchmarks for oil prices worldwide. The North Sea Brent Crude oil classification is described as light and sweet due to its relatively low density and low sulfur content, respectively. Other oil…
Top 8 VBA Routines for Excel Reporting The article below showcases eight VBA routines for Excel reporting, which you can start using immediately to supercharge your Excel reporting tasks. VBA’s been around for as long as most of us care to remember, and there are certain tasks where using VBA still rules. The routines below…
What is a Ballpark Figure? A ballpark figure is a close estimate of the actual value of a variable. It is typically computed using a simple approximation instead of going about the actual computation process, which is more complicated. Ballpark figures provide a reasonable estimate when more sophisticated tools, such as spreadsheets, are…
What is a Non-Elective Contribution? A non-elective contribution is a fully-vested payment made by an employer to an employee-sponsored retirement plan, regardless of whether the employee makes an elective deferral. The contributions are not deducted from the employee’s monthly income but are paid directly by the employer. Non-elective contributions differ from matching contributions,…
What is a Nonforfeiture Clause? A nonforfeiture clause is an element included in standard life insurance and long-term care insurance. It stipulates that the policyholder will receive a partial or full refund of premiums paid if the policy lapses after a defined period due to missed premium payments. The nonforfeiture clause may also become available…
