money and financial problems
Acceleration
See also Acceleration Clause
Acceleration Clause
Definition
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.
OverviewAn accelerated clause is typically invoked when the borrower materially breaches the loan...
Account Receivable
Definition
See accounts receivable.
Account Stated
Definition
A statement between a creditor and a debtor that settles the total amount of debt owed to the creditor.
There are three elements of an account stated: (1) There exists prior transactions between the parties, creating a creditor-debtor...
Accounts Payable
Definition
Short-term debt that a company owes to its suppliers for products received before payment is made. Accounts payable entries are listed under "Current Liabilities" in the business' balance sheet and the items are removed once the account has...
Back pay
Measuring from the date of termination of employment to the date of trial, wages that an employee lost.
See front pay.
Bail bondsman
A bail bondsman is a person who provides bail bonds for people charged with crimes and who do not have the money necessary to post the entire bail with the court. The bail bondsman acts as a surety by providing money to the court for the...
Bailee
One who receives a bailed article. See bailment.
balance sheet
A financial statement that consists of a three-part summary of a company's assets, liabilities, and ownership equity at a particular instance in time. It is intended to show the financial condition of a company at that time.
The balance sheet...
Bankruptcy
Overview
Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt--typically debt...