PRORATED Meaning and
Definition
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Prorated is an adjective that refers to the act of proportionally allocating or distributing something based on a specific time period or usage. It is commonly used in finance, accounting, and business contexts to calculate an adjusted amount based on a fraction of the original amount.
When an expense or fee is prorated, it means that the cost is divided based on the time or usage period. For example, when a monthly subscription fee is prorated, it means that a fraction of the fee is charged or refunded based on the number of days remaining in the billing cycle. Similarly, when an employee is hired or terminated in the middle of a pay period, their salary is prorated to reflect the actual number of days they worked.
Prorating helps to ensure fairness and accuracy in financial transactions by accurately reflecting the partial amount owed or earned in a given period. It allows for precise calculations and eliminates any inequities that may arise from standard pricing or compensation when time or usage is incomplete.
In summary, prorated refers to the proportional allocation or calculation of a financial quantity, such as expenses, fees, salaries, or benefits, based on a specific period or usage. This term allows for accurate and fair adjustments to be made when situations require accounting for incomplete time or usage.
Top Common Misspellings for PRORATED *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for PRORATED
Etymology of PRORATED
The word "prorated" is derived from the combination of two Latin roots: "pro" meaning "for" or "in proportion to" and "rata" meaning "rate" or "calculated amount". The root "rata" is also related to words like "ratio" and "rational". When combined, these roots form the term "prorated", which refers to the act of dividing or allocating something proportionally based on a specific rate or amount.
Similar spelling words for PRORATED
Conjugate verb Prorated
CONDITIONAL
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FUTURE
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FUTURE PERFECT
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PAST
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PRESENT
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prorate
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PRESENT PERFECT
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