NET PROPERTY, PLANT, and EQUIPMENT Definition

NET PROPERTY, PLANT, and EQUIPMENT is the book value of all buildings, land, furniture, and other physical capital assets that a business has purchased to run its business net of accumulated depreciation.

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SUBSIDIARY LEDGER is a group of subsidiary accounts the sum of the balances of which is equal to the balance of the related control account in the general ledger.

ACCOUNTING TIMING DIFFERENCE is the effect that a defered accounting event would have on the financials if taken into consideration e.g., the release of a deferred tax asset to the income statement as a deferred tax expense (ie the reversal of an accounting timing difference).

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