List a Few Legal Responsibilities of a Business

question 17

Essay

List a few legal responsibilities of a business.

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Definitions:

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate income and expenditure to the correct period.

Total Contract

Refers to the complete agreement and its associated financial value in a contractual arrangement between parties.

Depreciation Expense

Depreciation expense is the allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value due to wear and tear, age, or obsolescence.

Plant Asset

Long-term assets such as buildings, machinery, and equipment used in the operations of a business.