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Accumulated Benefit Obligation
An approximate measure of the liability of a pension plan in the event of a termination at the date the calculation is performed. Related: Projected benefit obligation.
Accumulated dividend
A dividend that has reached its due date, but is not paid out. See Also: Cumulative preferred stock
Accumulated profits tax
A tax on earnings retained in a firm as a way for the principals to defer personal income tax.
Accumulation

In the context of corporate finance, refers to profits that are added to the capital base of the company rather than paid out as dividends.

In the context of investments, refers to the purchase by an institutional broker of a large number of shares over a period of time in order to avoid pushing the price of that share up.

In the context of mutual funds, refers to the regular investing of a fixed amount while reinvesting dividends and capital gains.

 See Also: Accumulated profits tax
Accumulation area
A range within which a buyer accumulates shares of a stock. See Also: On balance; Distribution area
ACES
See Also: ACES
ACH
See Also: Automated Clearing House
Acid test ratio
Also called the quick ratio, the ratio of current assets minus inventories, accrued interest, and prepaid items to current liabilities.
Acquired surplus
The surplus acquired when a company is purchased in a pooling of interests combination, i.e. the net worth not considered to be capital stock.
Acquiree
A firm that is being acquired.
Acquirer
A firm or individual that is purchasing another firm or asset.
Acquisition
When a firm buys another firm.
Acquisition cost
Refers to the price (including the closing costs) to purchase another company or property.

In the context of investments, refers to price plus brokerage commissions, of a security, or the sales charge applied to load funds. See Also: Tax basis

Acquisition of assets
A merger or consolidation in which an acquirer purchases the selling firm's assets.
Acquisition of stock
A merger or consolidation in which an acquirer purchases the acquiree's stock.
Across the board
Movement or trend in the stock market that causes all stocks in all sectors to move in the same direction.
ACRS
See Also: Accelerated cost recovery system
Act of state doctrine
This doctrine says that a nation is sovereign within its own borders, and its domestic actions may not be questioned in the courts of another nation.
Acting in concert
Investors working together and performing identical actions to attain the same investment goal.
Active
A market in which there is frequent trading.
Active account
Refers to a brokerage account in which many transactions occur. Brokerage firms may levy a fee if an account generates an inadequate level of activity.
Active bond crowd
Refers to members of the bond department of the NYSE who trade the most bonds. Antithesis of cabinet crowd.
Active box
Securities that are held in safekeeping and are available as collateral for securing brokers' loans or customers' margin positions.
Active fund management
An investment approach that purposely shifts funds either between asset classes (asset allocation) or between individual securities (security selection).
Active income
Income from an active business as opposed to passive investment income according to the U.S. tax code.
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