NET PROPERTY, PLANT, and EQUIPMENT Definition

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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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PURCHASE ACCOUNT is an account in which all inventory purchases are recorded; used with the periodic inventory method.

ELIMINATION is the the act of removing a mathematical quantity by combining equations. This is common practice in accounting when consolidating financial reports; one example would be inter-company transactions, currency translations, and account balances.

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