UK Accounting Glossary
The term recall has a number of meanings.
A recall can be associated with a recall election, in which a public official can be removed from office before their term has expired by a vote of the people. During a recall, an elected official is retired by a vote of the electorate. Many states require the signing of a petition before allowing a recall election.
A recall also refers to a product recall, where an item that is discovered to have safety issues or a defect is returned to a manufacturer for repair, replacement or refund. A product recall is used to limit corporate exposure to liability and negative publicity.
There is also the recall associated with employment. A recall occurs when an individual who has been terminated due to layoff, is asked to return to regular employment during a recall period.
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This glossary post was last updated: 6th February 2020.