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Frank, I know you'll want to lend me the down payment money for my new house. After all, you wouldn't want the IRS to find out that you failed to report a hundred thousand dollars of income on your last tax return.
Transactions
Economic activities or events that affect the financial position of a company, recorded in its accounting records.
Acquisition Costs
The total cost incurred to acquire an asset or service, including the purchase price and any additional costs necessary to bring the asset into working condition.
Property
Legal rights or interests in land, buildings, or other assets, which can include ownership of the asset itself and usage rights.
Equipment
Tangible property used in operations, such as machinery, computers, and tools, that is not intended for sale.
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