Copy of `Oesterreichische Nationalbank - Dictionary`

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Oesterreichische Nationalbank - Dictionary Category: Economy and Finance Date & country: 04/10/2008, AU Words: 3913

ABA
investment promotion organization; investment organization...

ABA number
ABA Number - A unique identifying transit number assigned to each bank by the American Bankers` Association National Numeric System. The transit number has three parts. The first indicates the federal reserve district and city where the bank is located. The second part indicates the assigned bank number. The third part is a check digit. The transit...

ability-to-pay theory
A principle of taxation. Individuals who earn more income pay more tax, not because they use more government goods and services but because taxpayers who earn more have the ability to pay more. The progressive tax, or higher tax rates for people with higher incomes, is based on this principle....

ability-to-pay theory
Taxation is (a) a compulsory contribution (b) from a person or entity (c) to a governmental unit for a common interest, and (d) without reference to special benefits. (Sounds like a loss to me. )Two theories of taxation include the (a) benefit theory and (b) the ability to pay theory. Under the benefit theory taxes are assessed in terms of the amou...

able to accommodate the euro
There is no simple definition of euro compatibility. In general terms, it is a measure of the ability of policies, processes or systems to accommodate the euro. However, what is meant by `accommodate the euro` varies significantly depending on the services to be offered by a particular policy, process or system, and the timing of its implementation...

abrogate
To abolish, do away with, or annul, especially by authority....

absolute value
The distance of a number from zero; the positive value of a number....

absolute value
The magnitude of a number. It is the number with the sign (+ or -) removed and is symbolised using two vertical straight lines (

absorption costing
In direct costing, only direct costs are allocated to cost objects. In absorption costing, both direct and indirect costs are allocated to cost objects. Absorption costing is used for financial accounting purposes. Absorption costing is commonly used even though it is difficult to justify theoretically....

acceding country
countries which have signed the Accession Treaty....

accelerated depreciation
A depreciation method which allows faster write-offs than the straight line method. These methods provide a greater tax shield effect than straight line depreciation, and so companies with large tax burdens might like to use accelerated depreciation methods, even if it reduces the income shown on financial statement....

acceptance (of a project)
The act of taking custody based on satisfactory verification. [D03972] Approval (of results). [D00003] The act of an authorized representative of the government by which the government, for itself or as agent for another, assumes ownership of existing identified supplies tendered or approves specific services rendered as partial or complete perfo...

acceptor
Acceptor: any trading or service establishment that accepts, on its own behalf or on behalf of its network, the payment of goods or services via an electronic money instrument....

acceptor
Any merchant or other entity that accepts a payment instrument in order to initiate transfer of funds in his favour....

access product
Access products: payment instruments that allow customers to access their deposit accounts and to transfer the deposits therein. These include electronic funds transfers at the point of sale and home banking facilities. In a broader sense they also include all cashless payment instruments, since they provide access to an account (e. g. cheques, tra...

access to intraday credit
The credit extended and reimbursed within a period of less than one business day. The ESCB will extend intraday credit (based on underlying assets) to eligible counterparties for payment systems purposes....

accession country
An accession country is a candidate country (a country that has formally applied to the European Union for membership and has been officially recognized by the European Council as a candidate for membership) with which accession negotiations have started but have not yet been formally concluded....

accession country
countries with which negotiations for accession to the EU have begun. Negotiations were started with Croatia and Turkey on 3 October 2005....

accommodative monetary policy
The Federal Reserve policy of increasing the supply of money to make credit more readily available. An accommodative monetary policy tends to lower interest rates, especially the short-term ones, at the time credit is made plentiful. Such a policy is likely to result eventually in increased inflation and interest rates....

accommodatory monetary policy
A policy of allowing the supply of money to expand in line with the demand for it. If the demand for money rises because of sustainable real growth in the economy, accommodatory policy is desirable, and failure to expand the money supply obstructs real growth. If, however, the cause of rising demand for money is a temporary, unsustainable surge in ...

Accounting Regulatory Committee
The IAS Regulation establishes a new EU mechanism that will assess IAS and give them legal endorsement for use within the EU. This mechanism will use an Accounting Regulatory Committee set up under the proposal that will operate at the political level under established EU rules on decision-making by regulatory committees. The Accounting Regulatory ...

accounting separation
Accounting separation: Keeping the accounting for different businesses or parts of businesses within companies separate so that costs and revenues can be clearly identified with their associated enterprise. Accounting separation is essential to ring fencing, but it may also be undertaken for different activities within the same business organizatio...

accounts payable
Amounts owing on open account to creditors for goods and services. Analysts look at the relationship of accounts payable to purchases for indications of sound day-to-day financial management....

accounts receivable
Money owed to a business for merchandise or services sold on open account, a key factor in analyzing a company`s liquidity - its ability to meet current obligations without additional revenues....

accounts receivable turnover
Ratio obtained by dividing total credit sales by accounts receivable. The ratio indicates how many times the receivables portfolio has been collected during the accounting period....

accrual basis
The accrual basis of accounting for revenue in each financial period means that income is recognized when it is due and not when it is received. Accrual of expenditure in each financial period means that costs are recognized when obligations arise or liabilities are incurred and not when payments are made....

accrual basis
The basis of accounting under which transactions are recognized when they occur, regardless of the timing of related cash flows....

accrual basis accounting
A method of accounting whereby income and expense items are recognized and recorded when income is earned and expense is incurred, regardless of when cash is actually received or paid....

accrual method of accounting
The form of business accounting in which you report income in the year you earned it and you report expenses in the year you incur them, rather than reporting income and expenses when you receive payment or when you pay the expenses. If you own a business that maintains an inventory, you are required to use the accrual method for purchases and sale...

accrual principle
Income and expenses shall be recognised in the accounting period in which they are earned or incurred and not according to the period in which they are received or paid....

accrual rate
In a defined benefit scheme this is the rate at which pension benefits build up for the member. They will get a certain amount for each year of pensionable service....

accrual rate
The rate usually specified in the benefit formula of a defined benefit pension plan as a percentage of earnings, at which pension benefits are earned. Example: 1.4% of pensionable earnings for each year of service....

accruals
A term used in company accounts where income is due or a cost is incurred during an accounting period but has not been received or paid....

accruals
Accruals is the fiscal reporting of items pertaining to a current period which would not have been appeared in the general ledger until a future period in the normal course of payment or receipt of items....

accruals
An accrual is the recognition of an event in the financial statements even though no actual transaction has occurred. Accruals can involve both liabilities (and expenses) and assets (and revenues). Accruals are vital to the fair presentation of the financial condition of a company as they impact both the recognition of revenue and the matching of e...

accruals and deferred income
ACCRUALS are expenses for which invoices have not been received at the end of an accounting period. These outstanding amounts are not strictly creditors because invoices have not been received. However, in order to for the accounts to be consistent with the accrual concept these costs need to be included on the P & L for the period. DEFERRED INCOME...

accruals basis
Bei dem accrual principle wird der Periodenerfolg nicht durch die Gegenüberstellung von Zahlungen, sondern von periodisierten Erträgen und Aufwendungen ermittelt. Das accrual principle untergliedert sich in das realization principle, welches den Zeitpunkt regelt, zu dem ein Ertrag in der Gewinn- und Verlustrechnung (income statement) zu erfassen is...

accruals involving liabilities
Accruals is the fiscal reporting of items pertaining to a current period which would not have been appeared in the general ledger until a future period in the normal course of payment or receipt of items....

accruals involving liabilities
An accrual is the recognition of an event in the financial statements even though no actual transaction has occurred. Accruals can involve both liabilities (and expenses) and assets (and revenues). Accruals are vital to the fair presentation of the financial condition of a company as they impact both the recognition of revenue and the matching of e...

accrued benefits
These are the pension benefits that have built up for a pension scheme member....

accrued income
Income that has been earned during an accounting period but not received by the end of it. (...) For example, interest may have been earned but not received; it should be included in the profit figure (subject to the overriding prudence concept) and classified as a current asset on the balance sheet....

accrued interest
Interest that has been earned but that has not been paid....

accrued interest
The accumulated coupon interest earned but not yet paid to the seller of a bond by the buyer....

accumulated depreciation
The cumulative amount of all depreciation, shown as a deduction from the historical cost of fixed assets. The balance sheet shows the yearly deduction from plant, property and equipment....

acid test ratio
The formula used by financial institutions to measure a company`s ability to meet its financial obligations. The formula is the company`s current assets minus inventory, divided by current liabilities. Used to determine what would happen if collections stop or diminish....

ACK
A positive acknowledgement, sent by the receiving system to the sender, after having successfully processed a request message....

acquirer
A Payment System member that has a contractual relationship with a merchant or that disburses currency to a cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction into interchange....

acquirer
the institution (or agent) that maintains merchant relationships - or operates ATMs or acquires ATM transactions, acquires data (itself or through its agent) relevant to a card transaction from a merchant or card acceptor, submits that data into a payment system, and takes the financial liability for all risks related to that card transaction....

acquis communautaire
term commonly used to refer to all Community law including, inter alia, EU treaties, regulations and directives. Accession countries must have implemented the existing acquis communautaire at the time of accession....

acquistion tax
Acquisition tax is due on the cross-border movement of goods and services within the European Union. Acquisition tax must be applied by the receiving party at the local rate (but can also be posted as input tax). Any company that is entitled to reclaim input tax does not ultimately pay acquisition tax. When the incoming invoice is posted, the tax ...

active labor market policy
Active labour market policy is a set of policies aimed at improving the functioning of the labour market by enhancing labour market mobility and adjustment, facilitating the redeployment of workers to productive activities and, generally, enabling people to seize new job opportunities as they arise....

active labor market policy
Policies designed to improve the working of the labour market and reduce the rate of unemployment without causing wage inflation. Measures include government sponsored training schemes, measures to improve the flow of information on job vacancies. See also New Deal and Working Families Family Tax Credit....

active member
A member currently working in an IMRF qualified position and making contributions to IMRF. A member on an IMRF authorized leave or receiving IMRF disability benefits is also considered a participating member....

active population
Total population is divided into economically active and inactive population. The economically active population is then split into those who are employed, and those who are unemployed. Employed people are broken down further into three groups of employment status....

actively managed mutual fund
Active management: An investing strategy that seeks returns in excess of a specified benchmark....

activity report
Activity reports of the internal auditing department highlight significant audit findings and recommendations and inform senior management and the board of any significant deviations from approved audit work schedules, staffing plans, and financial budgets, and the reasons for them....

activity-based costing
A method of costing in which activities are the primary cost objects. ABC measures cost and performance of activities and assigns the costs of those activities to other cost objects, such as products or customers, based on their use of the activities....

activity-based costing
Activity Based Costing is a method of measuring the cost of work activities, how they consume resources, and how they are allocated to products and services. It rapidly emerged in the 1990`s as the preferred method for costing in overhead intensive environments. The premise of activity-based management is that by managing work activities instead of...

activity-based costing
Activity-based costing (ABC) is a budgeting and analysis process that evaluates overhead and operating expenses by linking costs to customers, services, products and orders. It allows managers to see which products or services are profitable or losing money....

actual final consumption
Actual final consumption consists of the goods or services that are acquired by resident institutional units for the direct satisfaction of human needs, whether individual or collective. ESA95, 3.81...

actual final consumption
Total actual final consumption is equal to the sum of...

actuarial assumption
These are the figures and estimates that an actuary uses when they make an actuarial valuation. This can include how long people are expected to live, price rises, how much people are expected to earn, and the income from the pension scheme investments....

actuarial report
This is a report on an actuarial valuation. This name is also used for when an actuary says how changes to a scheme might affect it financially....

actuarial risk
In finance, risk is the possibility of losing or of not gaining in value. For insurance purposes, risk refers to the probability that a given covered event, such as death or a car accident, will occur. In terms of investments, risk is a measure of a particular investment`s volatility and of the possibility that it will cause an investor some degree...

actuarial risk
The risk an insurance underwriter covers in exchange for premiums, such as the risk of premature death....

actuary
A person usually employed by an insurance company to calculate rates and statistical information regarding the life span or working life of people in all walks of life....

actuary
An actuary is an expert on pension scheme assets and liabilities, life expectancy and probabilities (the likelihood of things happening) for insurance purposes. An actuary works out whether enough money is being paid into a pension scheme to pay the pensions when they are due....

adaptive expectations model
The Adaptive Expectations model is based on the notion that economic agents develop forecasts of future inflation based on past actual rates adjusted for their own past expectations. Specifically, inflationary expectations are calculated by using a weighted average of past actual `pt` and past expected inflation E[pt-1]`: E[pt] = qpt-1 + (1-q)E[pt-...

address bar
The space on the top of your browser that lets you type in the place a website lives, or its address, and takes you there. When you browse to a website you can look in the address bar to see its address....

adjustable peg
An exchange-rate system in which countries maintain a fixed or `pegged` exchange rate with other currencies. This exchange rate is subject to periodic adjustment, however, when it becomes too far out of line with fundamental forces. This system was used for major currencies during the Bretton Woods period, from 1944 to 1971....

adjusting entry
adjusting entries are accounting entries made at the end of an accounting period to allocate items between accounting periods....

administered prices
A term originated by Gardner C. Means to describe prices that are not `flexible` (refer to price flexibility). Administered prices are typically set by imperfectly competitive firms and may involve prices which stay at the same level for a period of weeks of months....

administrative penalty
An administrative penalty is: a legal mechanism that allows a local governing body to penalize alcohol license holders for failing to comply with state laws or local ordinances relating to sales of alcoholic beverages usually a monetary fine, or the suspension or revocation of an alcohol license administered by a local governing body (city counci...

Administrative Reform Program
On 3 December 1997, the Federal government (the Federal Chancellor and all the Federal Ministers) adopted a comprehensive administrative reform programme called VIP-Programme (Verwaltungs-innovations-Programm Administration Reform Programme). Administrative reform has been taken up as an issue both by policy-makers and by top-level managers in gove...

affiliated company
A company with less than 50% of its stock owned by another corporation, or one whose stock, with that of another corporation, is owned by the same controlling interests....

agency problem
Conflicts of interest among stockholders, bondholders, and managers....

Agenda 2000
The twin objectives of Agenda 2000 are to equip the Union with more effective policies and to set an appropriate financial framework within which to develop them....

agent
an entity, such as a fund manager or a custodian, that undertakes a securities loan and negotiates the terms with the borrower on behalf of a customer-owner....

agent
In computer science, a software agent is a piece of autonomous, or semi-autonomous proactive and reactive, computer software. Many individual communicative software agents may form a multi-agent system....

agent
intelligent agent: an automated network information gathering tool, which cruises the Internet, searching indexes and databases for the names of documents on subjects specified by the user. Sometimes referred to as a Knowbot....

agent
The decision-maker in a principal-agent relationship....

agent
The term `agent` is more commonly applied to web browsers and mirroring software....

age-related expenditure
items on which spending as a share of GDP is susceptible to change with the ageing of the population...

aggregate demand
The relationship between the aggregate quantity of goods and services demanded -real GNP demanded- and the price level -the GNP deflator- holding everything else constant....

aggregator model
The Internet has generated a new sales and distribution model called the Aggregator Model. Basically, it works like this: An aggregator company receives orders under its own name, but the order is actually fulfilled directly by the aggregator company`s suppliers. In this scenario, a major advantage is that the company receiving the order need maint...

aging schedule
Classification of trade accounts receivable by date of sale. Usually prepared by a company`s auditor, the aging, as the schedule is called, is a vital tool in analyzing the quality of a company`s receivables investment. It is frequently required by grantors of credit. The schedule is most often seen as (1) a list of the amount of receivables by the...

agreement
Agreement represents the strongest level of Bundesbank involvement and presupposes that the Federal Banking Supervisory Office has secured the Bundesbank`s consent prior to establishing prudential standards. Examples: The Federal Banking Supervisory Office, acting in agreement with the Bundesbank, issues regulations on - large exposures and loans o...

Albanian lek
The lek (plural lekë) is the currency of Albania (ISO 4217 currency code: ALL). It is subdivided into 100 qindarka (singular qindarkë), although qindarka are no longer issued...

alertness
quality or state of being alert. Webster`s Third New International Dictionary...

all or none
Used on a buy or sell order to instruct the broker to fill the order entirely or fill none at all. This prevents you from having orders `half filled` before they expire....

alpha (factor)
Parameter used to measure a fund`s risk-weighted outperformance and thereby measure the portfolio manager`s performance....

alpha numeric
An alpha-numeric number is a number that contains both letters and numbers. (Example: B2XC41YD)...

alternative financial sector
Alternative Financial Sector (AFS ) State-regulated financial sector serving consumers who do not frequent banks or other mainstream financial services. Check cashing outlets, pawnshops, refund-anticipation loans and rent-to-own programs are all part of the alternative financial sector. Also referred to as `fringe banking` and `informal financial s...

alternative order
Two orders given to a broker, for which the execution of either one automatically cancels the other. One example is combining a buy limit order with buy stop order.The buy limit order will only be executed if the market price is below a specified price, and the buy stop order will only be executed if the market price is above a certain price. If on...

alternative risk transfer
There is no generally accepted definition of ART. As a rough guide, ART is the assumption, transfer or financing of risk(s) other than by way of traditional (re)insurance....

alternative staffing
Alternative Staffing -- A very imprecise term that describes the gamut of nontraditional work arrangements available to organizations other than regular, direct, and full-time employment. Alternative staffing arrangements include temporary help, leased worker arrangements, home-based work, and contract employment. Alternative staffing arrangements ...

Ambassador
Ambassador Extraordinary and Plenipotentiary, or simply Ambassador, who is a representative of the head of state. Equivalent, and in some traditions primus inter pares, is the Papal nuncio. Amongst Commonwealth countries, the equivalent title High Commissioner (who represents the government rather than the head of state) is normally used instead....

AMECO database
AMECO is the annual macro-economic database of the European Commission`s Directorate General for Economic and Financial Affairs (DG ECFIN). The database is regularly cited in DG ECFIN`s publications and is indispensable for DG ECFIN`s analyses and reports. To ensure that DG ECFIN`s analyses are verifiable and transparent to the public, AMECO data i...

American auction
An auction in which a quantity of items are offered for sale at the same price. The highest bidders for the largest number of items in the group win the auction. If there is no high bid or largest quantity, the earliest bidders win the auction....

amortization
Deductible expense allowed as a means of spreading the cost of an intangible asset over a period of years. For instance, if you pay points to take out a home equity loan and the loan proceeds are not used for home improvements, you cannot deduct all the points in the year paid. Instead, you divide the cost of the points by the length of the loan an...