Define: Duty

UK Accounting Glossary

Definition: Duty



What is the dictionary definition of Duty?

Dictionary Definition


  1. That which one is morally or legally obligated to do.
  2. A period of time spent at work or doing a particular task.
  3. Describing a workload as to its idle, working and de-energized periods.

Advertisement



Full Definition of Duty


In international trade, a customs duty, or tariff, is a tax on the import or export of specific goods. An import duty designed to shield domestic industry from foreign competition is called a protective duty, or protective tariff. In contrast, a revenue duty is simply designed to raise government revenue. Every duty is a trade barrier, and some economic theories state that the result of all trade barriers is a general lessening of aggregate economic welfare. The World Trade Organization was founded in 1994 with a mission of reducing all trade barriers, including the import duty. In law, fiduciary duty refers to standards of conduct above and beyond normal arms-length business conduct in dimensions such as loyalty, care, and disclosure. Fiduciary duty is important in multiple areas of law including agency, trust, and corporate governance.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/duty/
Modern Language Association (MLA):
Duty. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 21, 2020 https://payrollheaven.com/define/duty/.
Chicago Manual of Style (CMS):
Duty. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/duty/ (accessed: February 21, 2020).
American Psychological Association (APA):
Duty. PayrollHeaven.com. Retrieved February 21, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/duty/

Definition Sources


Definitions for Duty are sourced/syndicated and enhanced from:

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

This glossary post was last updated: 9th February 2020.