What is Time limit?
A '''time limit''' is a [[time horizon]] that is imposed on everyone at once. It may be used to try to achieve [[fairness]] in some system of [[ethics]]. For instance, if poor people and rich people are debating something, a time limit may be imposed so that the rich people cannot keep debating until the poor people have to go to work, and lose. Time limits are very important in [[accounting]] so that everyone can report their results (for [[tax]] and [[investment]] [[wikt:purpose|purposes]]) at the same time. This in turn creates [[deadline]]s for the [[accountant]] and those reporting. However, the deadline is imposed by an [[authority]], whereas the time limit is imposed by a system. So there can be [[slack]] in a deadline, so that results do not have to be reported always very fast. For example, in the [[United States|United States of America]], the [[end of the calendar year]] on [[December 31]] is the time limit for taxes, but the [[deadline]] for reporting is [[April 15]]. Sometimes the government allows more time, as it did for the families of those who were killed in the [[September 11, 2001 attacks]]. == Related pages == * [[Time horizon]] * [[Deadline]] [[Category:Time]] {{stub}}