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question 74

Essay

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Definitions:

Fiscal Year

A one-year period that companies use for accounting and financial reporting, which may or may not align with the calendar year.

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for a more accurate financial statement.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting its loss of value over time.

Equipment

Tangible assets used in the operation of a business, such as machinery, computers, and tools.