SEVERANCE TAX Definition

Bookmark and Share

SEVERANCE TAX is levied on production of natural resources taken from land or water bottoms within the territorial boundaries of a state.

Learn new Accounting Terms

CASB is Cost Accounting Standards Board.

DOCUMENT RETENTION POLICY is a set of guidelines that a company follows to determine how long it should keep certain records, including e-mail and web pages. The policy is important for many reasons, including legal requirements that apply to some documents. For example: a. for tax-related items - the recommended retention is seven years; and, b. for real estate records - the recommended retention is twenty years.

Suggest a Term

Enter Search Term

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