Examlex
Economic models omit many details to allow us to see what is truly important.
Fiscal Year
A fiscal year refers to a 12-month period utilized by businesses and governments for the purposes of financial reporting and budgeting, and it doesn't always align with the calendar year.
Depreciation
The process of allocating the cost of a tangible asset over its useful life, reflecting the decrease in value of the asset over time.
Balance Sheet
A financial report that offers a glimpse into a company's financial health at a given moment, breaking down the company's assets, debts, and owner's equity.
Equipment
Durable goods used in the operation of a business, not intended for sale, often contributing to the production of other goods or services.
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