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Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, reflecting its financial position.
Bargain Purchase Option
A feature in a lease agreement that allows the lessee to purchase the leased asset at the end of the lease term for a price significantly lower than the expected fair market value.
Depreciate
The process of allocating the cost of a tangible asset over its useful life, reflecting the decline in value over time.
Useful Life
Useful life is the estimated duration of time that an asset is expected to be functional and economically viable for its intended purpose.
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