The term depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life. source: investopedia.com

An individual qualified at the state level to conduct audits. An auditor may be an internal auditor (an individual whose primary job function is to

An accounting procedure undertaken at the end of the year to close out business from the previous year, carry forward balances from the previous year,

Current assets minus current liabilities.Working capital measures how much in liquid assets a company has available to build its business. The number can be positive

The damage that naturally and inevitably occurs as a result of normal wear or aging. It is used in a legal context for such areas

Expenses that change in proportion to the activity of a business. Variable cost is the sum of marginal costs over all units produced. (source: http://en.wikipedia.org/wiki/Variable_cost)

Auditor’s opinion of a financial statement, given without any reservations. Such an opinion basically states that the auditor feels the company followed all accounting rules