Compare and Contrast Ratification and Adoption of Unauthorized Contracts

question 45

Essay

Compare and contrast ratification and adoption of unauthorized contracts.

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Definitions:

Equipment Cost

The total amount spent on purchasing equipment, including the purchase price, taxes, shipping, and installation fees.

Depreciation Expense

The portion of the cost of a fixed asset that is considered to be consumed in its period of use and charged as an expense to a company's income statement.

Office Furniture

Items and fixtures used in an office setting, including desks, chairs, and file cabinets, considered as fixed assets in accounting.

Supplies Expense

An accounting term denoting the cost of consumable items used during a reporting period but not directly associated with goods sold.