Tooltip Tags: accounting

depreciation

A decrease in an asset’s value caused by unfavorable market conditions (Read more: http://www.investopedia.com/terms/d/depreciation.asp#ixzz2K1MoFQDj) For accounting purposes, depreciation indicates how much of an asset’s value

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debit

An accounting entry which results in either an increase in assets or a decrease in liabilities or net worth. Opposite of credit. (source: http://www.investorwords.com/1308/debit.html)

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audit

Systematic examination and verification of a firm’s books of account, transaction records, other relevant documents, and physical inspection of inventory by qualified accountants (called auditors).(source:

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