Define: Policy

UK Accounting Glossary

Definition: Policy


Quick Summary of Policy


A guideline or plan that directs the actions taken in a company. Policies can be very specific within a single organization, or can be global rules that are followed by all companies.



What is the dictionary definition of Policy?

Dictionary Definition


  • The art of governance; political science.
  • A state; a polity.
  • A set political system; civil administration.
  • A trick; a stratagem.
  • A principle of behaviour, conduct etc. thought to be desirable or necessary, especially as formally expressed by a government or other authoritative body.
  • Wise or advantageous conduct; prudence, formerly also with connotations of craftiness.
  • Specifically, political shrewdness or (formerly) cunning; statecraft.
  • The grounds of a large country house.
  • Motive; object; inducement.
  • To regulate by laws; to reduce to order.
  • obsolete The art of governance; political science.
  • obsolete A state; a polity.
  • obsolete A set political system; civil administration.

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Examples of Policy in a sentence


The store policy is that all sales are final, so check your purchase carefully before you pay for it.
The apparel company has created a new policy on returns of their clothes, after discovering that nearly half of the customers were returning things they had worn more than once.
The Communist Party has a policy of returning power to the workers.



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/policy/
Modern Language Association (MLA):
Policy. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 30, 2020 https://payrollheaven.com/define/policy/.
Chicago Manual of Style (CMS):
Policy. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/policy/ (accessed: March 30, 2020).
American Psychological Association (APA):
Policy. PayrollHeaven.com. Retrieved March 30, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/policy/

Definition Sources


Definitions for Policy 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: 15th February 2020.