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Terminology Financial Terms and Acronyms
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105 results. (Showing 1 - 20)   

1. ABA number
A number, usually placed near the upper right corner of checks, which identifies the financial institution on which the check is drawn. The number is used in sorting and clearing checks. The ABA coding system was designed by the American Bankers Association.

2. abatement
The reduction or cancellation of an assessed tax.

3. above par
A higher dollar amount than the face value, or par, of a security. The term is used when a security is sold for a price higher than its face value.

4. absentee landlord
A property owner who does not occupy his or her property, but usually rents it to another or leaves it vacant.

5. absolute title
A clear title that is free of any liens or judgments. A clear title is normally required before a mortgage is granted.

6. abstract of title
A statement usually prepared by an attorney that traces the history of ownership of real property to determine the status of its present title, and includes all items of record that might impair the title, such as liens, charges or encumbrances.

7. accelerated amortization
The restructuring of an existing mortgage loan by increasing the monthly payments in order to pay off the loan in a shorter time than the original maturity.

8. accelerated depreciation
The method of speeding up the write-off from income of qualifying investments at a faster than normal rate. Annual tax deductions are higher in the first years and diminish in later years of the write-off.

9. acceleration clause
A clause commonly included in mortgages and bonds that gives the holder the right to demand the entire outstanding balance be paid in the event of default. Without this clause, the mortgagee may have to file separate foreclosure suits as each installment of the mortgage debt falls due and is in default.

10. acceptance
A written agreement, usually in the form of a draft, in which one party, the drawee, accepts the obligation to pay a specified amount of money to another party at a specified place and time. The drawee is also known as the acceptor, and writes the word "accepted" over his or her signature. A bank acceptance is a draft drawn on and accepted by a bank.

11. access
The right to enter and leave a tract of land from a public road, often used when an owners' property is accessible only by crossing property owned by another party.

12. access savings account
A type of savings account in which funds are accessible to the account holder by check, telephone order, debit card or similar device in addition to in-person withdrawals. NOW accounts are a type of access savings account.

13. accommodation
The lending of one person's good name or credit standing to a second person with no compensation in order that the second person may borrow money from a third person. Historically, accommodation meant the making of a loan by one person to a second person who lacks sufficient collateral but has the backing of a third person.

14. accommodation check
A check written by a thrift institution on its account with a bank, payable to a third party named by a customer withdrawing funds to cover the check from his or her account at the thrift institution.

15. account
(1) an on-going business relationship in which a depository institution accepts, holds, invests, processes or disburses funds owned by a customer according to the customer's wishes within a framework of preestablished rules and procedures. (2) any continuing business relationship between two parties in which funds or debt is held and processed to compensate the parties for transactions between them.

16. account hold
A warning placed on a savings, loan or other account to indicate the need for special handling when transactions are made.

17. accountant
A person who performs accounting work.

18. accounting
The process of systematically recording, classifying, verifying and summarizing business transactions, and presenting this information in periodic, interpretative financial statements and reports.

19. accounting equation
The basic equation of double-entry accounting that reflects the relationship of assets, liabilities and net worth (reserves + stockholders equity + retained earnings). The equation may be expressed in its simplest form as: assets = liabilities + net worth.

20. accounts payable
Amounts recorded as liabilities on the books of a company, institution or individual that are owed, but have not yet been paid, to a creditor for previously purchased merchandise or services.

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