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The A-B trust is a trust that has two portions - the A trust and the B trust. It is an estate planning tool that helps married couples avoid heavy taxes. The A-B trust splits into two portions when any one of the spouses dies. In A-B trust, both of the spouses put assets and name a final beneficiary who is anyone other than the spouses. In an A-B trust, the A trust is known as the survivor's trust, while the B trust is known as descendants trust of a bypass trust.How does A-B Trust Work?In an A-B trust, each ... Read More
Created by Athel Percy Andrus in 1958, the American Association of Retired Persons (AARP) is a nonprofit organization that deals with various issues retired persons face in their lives. Taking care of persons aged above 50, AARP has more than 38 million members. Although it is a nonprofit organization some of its parts are for profit.AARP has a strong lobby in Washington DC and its significance can be understood from the fact that it made a profit of $1.9 billion in 2019. A large portion of its profits comes from memberships and services offered to members.Various Affiliates of AARPThe AARP ... Read More
Accounting is a way to record and organize transactions. Accounting is usually done for big companies and corporate houses, but some accountants also serve individuals with accounting. Accounting processes raw financial information and shows them in an organized and systematic manner. It also shows whether a business is making a profit or not.Types of AccountingAccounting can be of the following types −Financial Accounting − These are financial statements that are meant for stakeholders to illustrate how the financial condition of the company is. The financial statement is one of the most important documents that are generated via accounting.Managerial Accounting − ... Read More
Accountability tells managers and employees to be accountable for their actions and duties in their respective roles. It keeps the employees attached to the best standard of output and makes them responsible for the work assigned to them.Organizations are different in terms of structure and hierarchy. Some may be less stringent than others but every organization puts employees in a position in which they have to work following the organizational goals and principles. In such conditions knowing the mission and goals of the company is part of accountability.For a better work-life balance, there must be a trade-off between work and ... Read More
Account Balance may refer to anything of the three belowIn accounting, the residual amount of money in the general ledger is the account balance. Under this agreement, debits and credits are considered. Usually, the net value remaining after deduction credits from debits, the net account balance is obtained.In banking, the current cash remaining in a checking, savings, or other investment accounts is the account balance.In business, the net amount of remaining money payable by a payer to the payee is the account balance.Uses in AccountingIn accounting, the easiest way to get the account balance is by considering the trial balance ... Read More
Accidental Death Benefits are riders added to standard life insurance policies. It pays an additional sum to the beneficiaries in case of accidental death of the insured. There are variations in definitions of accidental death and hence one must be clear about what constitutes an accidental death before opting for these policies.Accidental death benefits are additional policies that pay the beneficiary lump-sum or differential payments that may extend up to a year depending on the insurer. These benefits cover the employees when a group insurance policy has been opted by the employer.Accidental death benefits are more relevant to workers who ... Read More
Accidental Death and dismemberment is an insurance policy that pays the beneficiary on the death of the insured. It also pays for dismemberment related to speech, hearing, and sight. AD&D is a rider that is associated with general insurance policies to cover additional sum assured in case of accidental death of the insured.The beneficiaries usually get a lump sum amount on the insured's death while in the case of injury, monthly amounts may be allocated. The definitions of accidents are different for different insurers but in most common cases, car crashes, drowning, choking, slippery and machinery accidents, etc.AD&D – What ... Read More
Risk Retention is the process where an individual or a company accepts the financial risks and does not act on them before they actually occur. These risks may be too small for which paying attention before could be too early. Some other risks are so big that taking any action on them is impossible due to the costs. These all fall under the risk retention philosophy.Risk-retention helps companies avoid negligible risks while paying more interest to operations. It is a valuable strategy applicable to budgeting and prioritization. Risk acceptance is a part of a risk management policy in which small ... Read More
Accepted Quality Level (AQL) is a quality control process where a minimum threshold is set which has to be achieved by a batch of manufactured products. If there are more defects than AQL, the batch is completely rejected. AQL sets the standards of manufacturing and quality of a product and it helps companies avoid too many defects in the production of a good.The quality of goods is usually checked via sampling. A set of standards is set for the batch of products and it may vary from industry to industry. If the batch of products meets the benchmark, they are ... Read More
In Accelerated Depreciation, a capital asset loses its face value faster in an earlier year in comparison to later years. It is a process where the net value of depreciation in beginning is the highest while it gets reduced increasingly as the asset ages. This is not applicable to traditional methods such as the Straight Line Method. In the straight-line method, the rate of depreciation remains the same over the entire life of the asset.Due to accelerated depreciation, a company reports less profit as it pays more for the asset in earlier years. This profit goes up gradually as the ... Read More