Accounting Terms-J-K
joint account
A savings or checking account in the name of two or
more people.
joint annuity
An annuity that is paid out to two or more people.
joint custody
When authorization is required by two or more people to
undertake an action. For example, the customer and bank have joint custody of a
safe deposit box. Opening a box requires authorization of the customer and a
bank officer.
joint endorsement
A check requiring the endorsement of two or more
signers.
joint tenancy
When two or more people inherit an estate, and each has
equal interests. When one of the joint tenants dies, the estate passes
automatically to the survivor or survivors.
joint tenants with right of survivorship
The usual arrangement between a married couple, in
which each has the right to shared property, and the property passes to the
other in the event that one dies.
joint venture
A business initiative undertaken by two different
businesses, each working toward a common goal. Companies engage in joint
ventures to pool their resources and help overcome the high cost of entering new
markets.
jointly and severally
A legal term meaning that, when two or more people take
out a loan together, all are liable. If they default, the lender can take legal
action against all of them or specific individuals.
Keogh plan
Retirement plan that allows you to set aside some of
your wages or salary for retirement. Keogh plans are more complex to set up and
to administer than SEP/IRA (Simplified Employee Pension Plan/individual
retirement account) plans, but they may allow larger contributions.
kiting
See check kiting.
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- Accounting Terms
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- Analyzing Multifamily Real Estate Investments
- Construction Accounting
- Converting from Cash Basis Accounting to Accrual Basis Accounting
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- Protecting Your Business From Embezzlement
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