CARRYOVERS Meaning and
Definition
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Carryovers refer to the act of carrying something over from one period to another. In various contexts, this term can have different meanings. In accounting, carryover refers to the amount remaining from one accounting period that is brought forward to the next period. It represents the balance or remaining value of an asset or liability that has not been fully utilized or settled by the end of a specific reporting period. Carryovers can also be observed in taxation, where it applies to deductions, credits, or losses that were not fully utilized in the current tax year and are carried forward to offset income or taxes in future years.
In sports, carryovers are often associated with handicapping or betting. Here, carryovers indicate unclaimed or unclaimed funds from a previous betting pool that are added to the next pool. This can occur in horse racing, where if no bettor correctly selects the winning combination of horses in a specific race, the unclaimed funds will be "carried over" to the next race or race day.
Overall, carryovers generally reflect the continuation or retention of something from one period to another, typically with the intention of using or utilizing it in the future.
Common Misspellings for CARRYOVERS
Etymology of CARRYOVERS
The word "carryovers" is derived from the combination of two separate words, "carry" and "over".
The term "carry" comes from the Old Northern French word "carier", which means "to move" or "to transport". This word further traces its origins back to the Latin word "carrus", which referred to a wheeled vehicle.
The word "over" comes from the Old English word "ofer", which means "across" or "beyond". It has remained relatively unchanged throughout history and is still used with the same meaning today.
When these two words are combined, "carry" and "over", they form the noun "carryover". In the context of finance or accounting, "carryover" refers to the amount of a financial item or balance that is transferred from one period to the next.
