ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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BALANCING is, in general, getting two things to correspond. In accounting, it is have two totals matching, e.g. balancing within the balance sheet.
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EXEMPT is being freed from or not subject to an obligation, liability, tax, etc.; excused. Examples: exempt gifts or tax-exempt bonus.
SOFT ASSETS are human resources (people, skills and knowledge) and intangible assets (information, brands, and reputation). Soft assets are hard to value and are not usually reflected in the books of account, nor are they typically subjected to periodic inventory. See also HARD ASSETS.