AMORTIZATION EXPENSE Definition

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AMORTIZATION EXPENSE is the allocation to expenses of the cost of an intangible asset such as goodwill, a patent, bond issue costs, etc.

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INSTALLMENT SALE is selling property and receiving the sales price over a series of payments, instead of all at once at the close of the sale, is an installment sale. As the seller, unless you elect out, you will report the gain on that transaction as you receive it through the series of payments. As the buyer, you will usually pay interest on the unpaid balance.

PROPRIETORS FUNDS is owners capital plus net profit minus owners' drawings.

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