DEMINIMUS Definition

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DEMINIMUS, root is De minimis non curat lex (Latin), a common law principle whereby judges will not sit in judgment of extremely minor transgressions of the law. It has been restated as "the law does not concern itself with trifles". It is commonly used to include a test of anyone judging conformance to accounting principles, regulations or rules.

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DEPARTMENTAL ACCOUNTING is where departments within an entity have varying degrees of autonomy, but are not usually separated geographically from the rest of the business. They may be concerned with manufacturing or, in the case of a department store, with retailing. Departmental accounts usually include a trading account and may also include a profit and loss account to which overheads are allocated or imputed.

COLLATERALIZE is to pledge property as security (collateral) for a debt.

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