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In a longitudinal study of individuals from their early thirties through their late sixties/early seventies showed that:
Depreciation Expense
An accounting method for allocating the cost of a tangible asset over its useful life to reflect the asset’s consumption, wear and tear, or obsolescence.
Adjusted Trial Balance
An inventory of every account along with its adjusted balance, utilized in the drafting of financial statements.
Adjusting Entries
Journal entries made at the end of an accounting period to update accounts before the financial statements are prepared.
Net Income
The residual earnings of a company after all costs including expenses and taxes are taken out from the total revenue.
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