CAPITALIZED is when something is recorded as an asset. For example, a capitalized lease is in substance a purchase to the lessee. An asset is recorded equal to the present value of the lease payments, which is also recorded as a liability. Payments, partly interest and partly principal, are made on the lease liability. The leased asset is depreciated by the lessee as though it were legally owned by the lessee.
ELECTRONIC DATA PROCESSING (EDP) is the processing of information by computer as opposed to handwritten records.
QUASI-BUSINESS EXPENSES are those tax deductible expenses that could qualify as a personal or business expense dependent upon the situation, e.g. lavish automobiles, country club dues or dubious travel expenses.
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