LIMITATION Definition

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LIMITATION, in contracts, is a certain period limited by statute after which actions, suits, or prosecutions cannot be brought in the courts.

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NET OF TAXES means the effect of applicable taxes (usually income taxes) has been considered in determining the overall effect of an item on the financial statements. The phrase is used when a company has items that must be disclosed in a separate section. Each such item should be reported net of the applicable taxes.

APPRAISAL VALUE is an opinion of a assets fair market value, based on an appraisers knowledge, experience, and analysis of the asset class.

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