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Why do some elements of bureaucratic organization need to be abandoned or modified due to recent economic and technological changes?
Liability Account
An accounting record that shows the current and future financial obligations a company owes to others.
Asset Account
An account on a company's balance sheet that represents a resource controlled by the company from which future economic benefits are expected.
Depreciation
Systematically spreading the expense of a tangible asset across its life expectancy.
Asset Cost
The initial expense to acquire an asset, including purchase price and any additional costs necessary to get the asset ready for its intended use.
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