15 MINUTE RULE Definition

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15 MINUTE RULE is a timekeeping method used as a semi-official delay prior to ending or beginning an activity. For example: a. Only waiting for a tardy college instructor for 15 minutes prior to the class being terminated, or, b. Putting a 15 minute hands-off delay before impulsively eating a candy when dieting.

Learn new Accounting Terms

ADMITTED VALUE see ADMITTED ASSETS.

LIQUID ASSET is cash and any asset that can quickly be converted into cash (e.g., cash, checks and easily-convertible securities).

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