What are truncations and contractions?
Abbreviations can be classified into two groups: truncations and contractions. Truncations omit the end of a word (and sometimes other letters, too), while contractions omit letters from the middle. In BrE, truncations take a full stop, whereas contractions do not. Examples:
Truncations: Prof. (Professor), Jan. (January), art. (article)
Contractions: Dr (Doctor), Mr (Mister), Ltd (Limited)
In AmE, both truncations and contractions take a full stop (e.g. Dr., Mr., Ltd.).