ACCRUED VACATION Definition

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ACCRUED VACATION see ACCRUED LIABILITY.

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SCRAP is material that is discarded as worthless or sold to be reused as parts; junk; a small unusable amount of something that is left over after the rest has been used or consumed.

ANNUAL REPORT is the requirement for all public companies to file an annual report with the Securities and Exchange Commission detailing the preceding years financial results and plans for the upcoming year. Its regulatory version is called "Form 10 K." The report contains financial information concerning a companys assets, liabilities, earnings, profits, and other year-end statistics. The annual report is also the most widely-read shareholder communication.

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