ACAT Definition

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ACAT (Accreditation Council for Accountancy and Taxation) is a national organization established in 1973 as a non-profit independent testing, accrediting and monitoring organization. The Council seeks to identify professionals in independent practice who specialize in providing financial, accounting and taxation services to individuals and small to mid-size businesses. Professionals receive accreditation through examination and/or coursework and maintain accreditation through commitment to a significant program of continuing professional education and adherence to the Councils Code of Ethics and Rules of Professional Conduct.

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OVERLEVERAGED is a balance sheet condition where the entity is incapable of servicing its debt load (interest payments) with available capital sources. Simply put, the entity is carrying too much debt.

PROXY is a person authorized to act for another, e.g. a power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting.

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