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Building Account
An account used to record the costs associated with the construction or purchase of a building over time, which may include materials, labor, and overhead.
Land Purchased
The act of buying land, which is considered a fixed asset and is recorded on the balance sheet at cost, without depreciation.
Intangible Asset
An asset that lacks physical substance, such as patents, trademarks, and goodwill, and provides economic benefits to its owner.
Physical Existence
The actual, tangible presence of items or assets, often verified during inventory or asset audits.
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