STATUTORY Definition

Bookmark and Share

STATUTORY is relating to or created by statutes.

Learn new Accounting Terms

RETURNS OUTWARDS are goods bought on credit from a supplier and returned for some reason to be refunded for (Purchases returns).

BUSINESS UNIT is equivalent to a wholly owned subsidiary except that it is not treated as a separate legal entity. It is an organization within a firm that could operate separately because it has all support functions contained within the business unit. The internal financial reporting from a business unit to the corporate office is basically identical to a separate legal entity.

Suggest a Term

Enter Search Term

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