Abstraction

Business, Legal & Accounting Glossary

Definition: Abstraction


Abstraction

Quick Summary of Abstraction


Abstraction is doing away with unimportant facts to arrive at an economic principle.




What is the dictionary definition of Abstraction?

Dictionary Definition


Taking from someone with an intent to injure or defraud.

Wrongful abstraction is an unauthorized and illegal withdrawal of funds or an appropriation of someone else’s funds for the taker’s own benefit. It may be a crime under the laws of a state. It is different from embezzlement, which is a crime committed only if the taker had a lawful right to possession of the money when it was first taken.


Cite Term


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https://payrollheaven.com/define/abstraction/
Modern Language Association (MLA):
Abstraction. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
January 26, 2022 https://payrollheaven.com/define/abstraction/.
Chicago Manual of Style (CMS):
Abstraction. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/abstraction/ (accessed: January 26, 2022).
American Psychological Association (APA):
Abstraction. PayrollHeaven.com. Retrieved January 26, 2022
, from PayrollHeaven.com website: https://payrollheaven.com/define/abstraction/

Definition Sources


Definitions for Abstraction are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 8th October, 2021 | 0 Views.