BUDGET CONTROL is actions carried out according to a budget plan. Through the use of a budget as a standard, an organization ensures that managers are implementing its plans and objectives. Their actual performance is measured against budgeted performance.
LIQUIDATION is the selling of all the assets of a debtor and the use of the cash proceeds of the sale to pay off creditors.
ACCUMULATED ADJUSTMENT ACCOUNT (AAA) under Section 1368(e)(1) of the IRS Code provides that the term 'accumulated adjustment account' (AAA) means an account of the S corporation which is adjusted for the S period in a manner similar to the adjustments under 1367 (except that no adjustment shall be made for income (and related expenses) which is exempt from tax under title 26 and the phrase '(but not below)' shall be disregarded in 1367(b)(2)(A)) and no adjustment shall be made for Federal taxes attributable to any taxable year in which the corporation was a C corporation.
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