CREDIT MEMO Definition

Bookmark and Share

CREDIT MEMO is a document used to issue a vendor credit.

Learn new Accounting Terms

COST-OF-LIVING LEASE is a lease where yearly increases are tied to the cost of living index.

SOLE PROPRIERTORSHIP is a business structure in which an individual and his/her company are considered a single entity for tax and liability purposes. A sole proprietorship is a company which is not registered with the state as a limited liability company or corporation. The owner does not pay income tax separately for the company, but he/she reports business income or losses on his/her individual income tax return. The owner is inseparable from the sole proprietorship, so he/she is liable for any business debts; also called proprietorship. The distinguishing characteristics of a sole proprietorship include: only one owner for the business (hence, "sole") and the business is unincorporated.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.