Wisconsin Statutes 126.01 – General definitions
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In this chapter:
Terms Used In Wisconsin Statutes 126.01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1) “Affiliate” means any of the following persons:
(a) An owner, major stockholder, partner, officer, director, member, employee, or agent of a contractor.
(b) A person owned, controlled, or operated by a person under par. (a).
(2) “Asset” means anything of value owned by a person.
(3) “Audited financial statement” means a financial statement on which an independent certified public accountant licensed or certified under ch. 442 has done all of the following:
(a) Stated that the financial statement presents fairly, in all material respects, the financial position of a contractor as of a specific date or for a specific period, according to one of the following:
1. Generally accepted accounting principles.
2. The historical cost basis method of accounting, if the financial statement is a sole proprietor’s personal financial statement and the financial statement is prepared on a historical cost basis.
(b) Conducted an audit according to generally accepted auditing standards.
(4) “Balance sheet” means a statement of assets, liabilities, and equity on a specific date.
(5) “Contractor,” unless otherwise qualified, means any of the following:
(a) A grain dealer, as defined in s. 126.10 (9).
(b) A grain warehouse keeper, as defined in s. 126.25 (9).
(c) A milk contractor, as defined in s. 126.40 (8).
(d) A vegetable contractor, as defined in s. 126.55 (14).
(6) “Current assets” means cash and other assets, including trade or investment items, that may be readily converted into cash in the ordinary course of business within one year after the date as of which the value of those assets is determined.
(7) “Current liabilities” means those liabilities that are due within one year after the date as of which the value of those liabilities is determined.
(8) “Department” means the department of agriculture, trade and consumer protection.
(9) “Equity” means the value of assets less the value of liabilities.
(10) “Equity statement” means a report of the change in equity from the beginning to the end of the accounting period covered by the report.
(11) “Fund” means the agricultural producer security fund established under s. 25.463.
(12) “Generally accepted accounting principles” means the accounting standards adopted by the Financial Accounting Standards Board, except that for a business entity organized and operating outside the United States “generally accepted accounting principles” includes generally accepted foreign accounting standards that are substantially equivalent to standards adopted by the Financial Accounting Standards Board.
(13) “Grain” means corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, and mixed grain, as defined in 7 C.F.R. 810.801, except that “grain” does not include any of the following:
(a) Sweet corn or other canning crops for processing.
(b) Seed corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain used or intended for use solely for planting purposes.
(c) Corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain that has been rolled, cracked, roasted, or otherwise processed.
(14) “Income statement” means a report of the financial results of business operations for a specific period.
(15) “Individual” means a natural person.
(16) “Interim financial statement” means a statement of financial condition prepared for a period shorter than a fiscal year.
(17) “Milk” has the meaning given in s. 97.01 (10) (a).
(18) “Person,” notwithstanding s. 990.01 (26), means an individual, a corporation, a cooperative, an unincorporated cooperative association, a partnership, a limited liability company, a trust, a state agency, as defined in s. 20.001 (1), a local governmental unit, as defined in s. 66.0131 (1) (a), or other legal entity.
(19) “Producer,” unless otherwise qualified, means a grain producer, as defined in s. 126.10 (10), milk producer, as defined in s. 126.40 (10), or vegetable producer, as defined in s. 126.55 (16).
(20) “Reviewed financial statement” means a contractor’s financial statement, other than an audited financial statement, that is reviewed by an independent certified public accountant licensed or certified under ch. 442.
(22) “Sole proprietor” means a contractor who is an individual.
(23) “Statement of cash flows” means a report of cash receipts and cash disbursements from operating, investing, and financing activities, including an explanation of changes in cash and cash equivalents for the accounting period covered by the report.
(24) “Vegetable” means any vegetable that is grown or sold for use in food processing, whether or not the vegetable is actually processed as food. “Vegetable” includes green beans, kidney beans, lima beans, romano beans, wax beans, beets, cabbage, carrots, celery, cucumbers, onions, peas, potatoes, spinach, squash, and sweet corn, but does not include grain.