The audit committee is a committee composed of a company’s board of directors in charge of overseeing the company’s auditors, financial reporting, and disclosures. 15 U.S.C. § 78c(a)(58) defines an audit committee as “a committee (or...
business organizations
auditor
An auditor is one who conducts an audit. Specifically, an auditor is a person or firm (usually an accountant or accounting firm) that conducts a formal examination and verification of an individual’s or organization’s records and accounts,...
authority
Authority is the official permission or right to act, often on behalf of another. Authority may also be a person or institution that has power over another person.
Authority as agency is the power to act on behalf of another...
authorize
To authorize means to grant authority; to empower. It may also mean to formally or officially approve.
[Last updated in June of 2021 by the Wex Definitions Team]
balance due
Balance due is the amount owed on a previous statement for which payment has been required but not been made. It is usually manifested as the amount of a debt still owed on an account or the principal outstanding on a promissory note. Balance...
balance sheet
A balance sheet is 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...
basis of the bargain test
Under section 2-313 of the Uniform Commercial Code, when determining whether an express warranty exists or is valid in a sale of goods between two parties, the court asks if any promise or affirmation, any description of the goods, or any...
basis point
A basis point (often abbreviated as bp) is a unit of measurement that denotes a change in the interest rate of a financial instrument and is equal to 1/100th of 1% or 0.01%. It is a usual practice in the financial industry to use basis points...
Battle & Sons Funeral Home v. Chambers
Battle & Sons Funeral Home v. Chambers, 63 Ohio Misc. 2d 441 (Ohio Mun. Ct. 1993), is a case in Ohio on what expenses are considered “necessary” for burial and the responsibility of the spouse to pay.
FactsThe...
beneficial ownership
A beneficial ownership is a trust arrangement whereby the beneficial owner of a security has the power to vote on and influence decisions regarding that security, and receives the benefit afforded by the security, even though in street name...