Examlex
The following is a nonbonding procedure that involves an independent third party:
Contra Asset
An account on a company's balance sheet that reduces the value of a related asset, such as accumulated depreciation.
Expense Account
An account that records the costs incurred by a business in the process of earning revenue, part of the company's income statement.
Adjusting Entry
A record added in the books at the closing of an accounting cycle to note any unrecorded earnings or expenditures during that time.
Rent Revenue
Income received from leasing out properties or spaces to tenants.
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