Acronyms 2

Question 1

Conditional Use Permit

Answer 1

allows the city to consider uses which may be essential or desirable, but which are not allowed as a matter of right within a zoning district, through a public hearing process. A conditional use permit can provide flexibility within a zoning ordinance.

Question 2

Ownership interest

Answer 2

means the possession of equity in the capital, the stock or the profits of the disclosing entity.

Question 3

prescriptive easement

Answer 3

is the right to use the land of another, not an ownership interest in the land of another.

Question 4

retained earnings

Answer 4

In accounting, retained earnings (sometimes plowback) refers to the portion of net income of a corporation that is retained by the corporation (plowed back) rather than distributed to shareholders as dividends (paid out).

Question 5

accounts payable

Answer 5

money owed by a company to its creditors.

Question 6

liability

Answer 6

an obligation and it is reported on a company’s balance sheet. A common example of a liability is accounts payable. Accounts payable arise when a company purchases goods or services on credit from a supplier. When the company pays the supplier, the company’s accounts payable is reduced.

Question 7

Co-maker, co-signer, or Guarantor

Answer 7

Co-maker, Co-signer, or Guarantor. If you are a co-maker, co-signer, or guarantor, you are obligated to pay a loan. Some contracts only obligate a guarantor if the lender has exhausted all collection efforts against the primary borrower.

Question 8

Guarantor

Answer 8

a person, organization, or thing that guarantees something.
“the role of the police as guarantors of public order”
LAW
a person or organization who provides a guaranty.

Question 9

Contingent liabilities

Answer 9

are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as a court case.

Question 10

contingent

Answer 10

adj - subject to chance.
- occurring or existing only if (certain other circumstances) are the case; dependent on.
n - a group of people united by some common feature, forming part of a larger group.

Question 11

incurred ( accounting)

Answer 11

A word used by accountants to communicate that an expense has occurred and needs to be recognized on the income statement even though no payment was made. The second part of the necessary entry will be a credit to a liability account.

Question 12

Incur

Answer 12

become subject to (something unwelcome or unpleasant) as a result of one’s own behavior or actions
bring upon oneself, expose oneself to, lay oneself open to; run up; attract, invite, earn, arouse, cause, give rise to, be liable/subject to, meet with, sustain, experience, contract

Question 13

liability account

Answer 13

is a general ledger account in which a company records its debt, obligations, customer deposits and customer prepayments, certain deferred income taxes, etc. that are the result of a past transaction.

Question 14

General Ledger account

Answer 14

an account or record used to sort and store balance sheet and income statement transactions

Question 15

assets

Answer 15

Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles

Question 16

Accrual

Answer 16

relating to or being a method of accounting that recognizes income when earned and expenses when incurred regardless of when cash is received or disbursed — compare cash

Question 17

Accrual Accounting

Answer 17

An accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur

Question 18

accure -v

Answer 18

(of sums of money or benefits) be received by someone in regular or increasing amounts over time.
“financial benefits will accrue from restructuring”
synonyms: result from, arise from, follow from, ensue from; More
accumulate or receive (such payments or benefits).
synonyms: accumulate, collect, build up, mount up, grow, increase
“interest is added to the account as it accrues”
make provision for (a charge) at the end of a financial period for work that has been done but not yet invoiced.