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Common schools catered only to the children of the wealthy.
Net Book Value
The value of an asset as recorded on the balance sheet, calculated by subtracting accumulated depreciation or amortization from the asset's original cost.
Depreciation Expense
Distributing the expense of a physical asset over its life expectancy.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded against a fixed asset over its useful life.
Unearned Revenue
Money received by a company for goods or services that have not yet been provided, recorded as a liability until the goods or services are delivered.
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