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Signing a rental agreement results in an activity that has a direct and measurable financial effect on the company.
Depreciation Expense
A rephrased definition: The charge to income, representing the allocation of the cost of an asset over its useful life during a specific period.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired.
Adjusting Entries
Accounting records made during the closing of a financial period to properly distribute expenses and revenues to the time they were truly incurred.
Costs Recorded
Expenses documented in the financial records of a business, reflecting the economic use of resources.
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