Accumulated depreciation is the sum of all depreciation recorded on an asset up to a specific date, representing the reduction in an asset's value over its useful life.
A declaration of trust under U.S. law is a way to manage assets for the benefit of others, all while avoiding overly complex legalese... right? Let's make trust fun!
Furniture, fixtures, and equipment (FF&E) are essential assets that can move from one place to another, but don't let their portability fool you; in a company's books, they still command some serious respect!
Goodwill impairment occurs when an asset's carrying value exceeds its fair market value. It's like finding out your sandwich was a little less tasty than you expected!