Letter L: Bookkeeping and Accounting Definitions

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Label:

A slip, as of paper, affixed to something and bearing an inscription to indicate its character, ownership, etc. To classify, designate.

Labor:

Physical or mental exertion, particularly for some useful or desired end, toil, work. That which requires exertion or effort, a task. To do work. toil, strive to accomplish a work or purpose.

Laboratory:

A department, for research, testing, and experimental technical work.

Laborer:

One who performs physical or manual, especially unskilled, labor.

Laborious:

Requiring much labor, toilsome. Diligent, industrious.

Labor Saving:

Doing away with, or diminishing the need for, manual work.

A union of workers organized to better working conditions and advance mutual interests, a trade union.

Laminate:

To cover with thin sheets or laminae. To become separated into sheets or laminae.

Large:

Absolutely or relatively great or ample as regards size, dimensions, quantity, number, extent, range, etc. big, great, spacious, ample, extensive.

Largely:

In a large manner. To a great extent, generally. Generously, abundantly, copiously. Pompously.

Lavish:

Bestowed, expended, or existing in profusion, superabundant. Spending extravagantly, prodigal. Wild or unrestrained. To give or bestow profusely or generously, squander.

Ledger:

The principal book of accounts of a business establishment, in which all the transactions of each day are entered under appropriate heads so as to show the debits and credits of each account.

Legible:

That can be deciphered or read with ease. That can be discovered or discerned from evident indications.

Less:

A smaller part in quantity. The smaller of things compared. Not as much. Minus, by the subtraction or omission of.

Liability:

The state of being liable, or exposed to some accidental or incidental result or occurrence. The condition of being responsible for a possible or actual loss, expense, or burden. That for which on is liable, in the plural, debts as opposed to assets.

Liable:

Exposed, as to damage, penalty, expense, burden, etc.

Line Of Credit:

The amount of credit that a customer is allowed to draw on.

Linear:

Pertaining to or composed of lines. Very narrow and elongate. Denoting a measurement in one dimension. Pertaining to an equation of the first degree.

Linear Measure:

Measurement by length, a unit or system of unites for measuring length.

Liquidate:

To determine and settle the liabilities of an estate, firm, etc. and apportion the assets. To determine and settle the amount o, as indebtedness or damages. To pay or settle a debt. To convert into cash.

Liquidation:

The act of liquidating or the state of being liquidated.

Liquidity:

To be easily converted into cash.

Loan:

Something lent, especially a sum of money lent at interest. The act of lending. Permission to sue, a loan of credit. To lend.

Long-Term Debts:

The total of loans, bonds, and other debts that are scheduled to fall due after a period of one year or more.

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