accounting4

These are expenditure of which its benefits is not fully consumed in a given period but it is spread over several periods. It includes all those assets acquired purposely to earn income or to increase the earning capacity of the business. For instance, land and building such as purchase or land to build shops and …

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These are items that are kept permanently for use in the business. These items are retained as assets of the business. The assets’ account can remain open at the end of the period, and their balances would be transferred to the balance sheet as fixed assets. If an asset is purchased, its value increases, and …

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