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It is good practice to have a first-aid kit in the shop.
Individual Assets
Specific items of property owned by an individual or entity, including tangible and intangible assets.
Straight-line Depreciation
A technique for distributing the expense of a physical asset across its lifespan in uniform yearly sums.
Plant Asset
An asset used in the operations of a business that is not intended for sale to customers and is referred to as property, plant, and equipment (PP&E) in accounting.
Adjusting Journal Entries
Journal entries made at the end of an accounting period to update certain accounts and ensure they accurately reflect the financial status of the business.