In the 14th century, plague ravaged Europe and Asia and was called the Black Death. Plague does not respond to penicillin, but other antibiotics are effective. Sanitary measures against fleas and rodents, quarantine and extreme caution in handling infectious materials help to suppress epidemics.
1. Expense recognition. Expenses are decreases in assets (e.g., rent expenses) or increases in liabilities (e.g., accrued utility expenses) that result from operating activities undertaken to generate revenue. Expenses are recognized in accordance with the matching principle. This principle mandates that the expense or cost of doing business is recorded in the same period as the revenue that has been generated as the result of incurring that expense or cost.
Add an asset to your balance sheet when you initially purchase the item. As you record depreciation expense, accumulated depreciation will increase correspondingly. This accumulated depreciation account is noted on the balance sheet and decreases the value of the asset. For example, if the asset cost $5,000 and youâve recorded $600 of accumulated depreciation, its net value on the balance sheet will be $4,400. Your accountant can help you explore other depreciation strategies.