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Simple English definitions for legal terms
annual account
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A quick definition of annual account:
An annual account is a report that shows all the financial transactions that happened in a year. It is like a diary of money coming in and going out. Annual crops are plants that grow and are harvested in one year. Annual depreciation is when something loses value over a year. An annual exclusion is a certain amount of money that you can give to someone without having to pay taxes on it. An annual meeting is a gathering of people that happens once a year. An annual message is a speech or statement that someone gives every year. An annual percentage rate is the amount of interest you pay on a loan or credit card each year. An annual permit is a fee that some companies have to pay every year to do business in a certain state.
A more thorough explanation:
An annual account is a type of account that is reviewed or updated on a yearly basis. It is also known as an intermediate account.
Annual crops are plants that are grown and harvested within a single growing season. Examples include corn, wheat, and soybeans.
Annual depreciation is the amount of value that an asset loses each year due to wear and tear or obsolescence. It is used to calculate the asset's book value.
Annual exclusion is a tax rule that allows individuals to give a certain amount of money to another person each year without having to pay gift tax. For example, in 2021, the annual exclusion amount is $15,000.
An annual meeting is a gathering of shareholders or members of an organization that takes place once a year. It is usually held to elect board members and discuss important issues.
The annual percentage rate (APR) is the interest rate charged on a loan or credit card on an annual basis. It includes both the interest rate and any fees associated with the loan or credit card.
An annual permit is a license or authorization that must be renewed each year. For example, some states require corporations to obtain an annual permit to do business in the state.
Examples illustrate the definition by providing specific instances of the term in use. For example, the definition of annual crops provides examples of specific plants that are considered annual crops. This helps to clarify the meaning of the term and make it easier to understand.