Identify the Following: -Pragma

question 24

Short Answer

Identify the following:
-Pragma

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Definitions:

Land's Cost

The total amount of money spent to purchase land, including acquisition costs, legal fees, and any other related expenses.

Depreciation

The allocation of the cost of a tangible asset over its useful life, accounting for wear and tear, deterioration, or obsolescence.

Accumulated Depreciation

It refers to the total amount of depreciation expense that has been recorded against an asset over its useful life until the present time.

Fixed Asset Account

An account on the balance sheet representing long-term tangible assets held for business use and not expected to be converted to cash in the near term.