Examlex
Which of the following gratuitous promises is/are enforceable by statute?
Depreciation
The accounting method of allocating the cost of a tangible asset over its useful life, reflecting its decrease in value over time.
Equipment
Physical assets used in the operation of a business to produce goods or services.
Adjusting Entry
A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Weekly Salaries
A compensation structure where employees are paid a set amount on a weekly basis, regardless of the hours worked.
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