RULE OF THUMB Definition

Bookmark and Share

RULE OF THUMB is a rough and useful principle or method, based on experience rather than precisely accurate measures.

Learn new Accounting Terms

INSTALLMENT SALE is selling property and receiving the sales price over a series of payments, instead of all at once at the close of the sale, is an installment sale. As the seller, unless you elect out, you will report the gain on that transaction as you receive it through the series of payments. As the buyer, you will usually pay interest on the unpaid balance.

ACCUMULATED AMORTIZATION is the cumulative charges against the intangible assets of a company over the expected useful life of the assets.

Suggest a Term

Enter Search Term

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