NONCURRENT LIABILITIES Definition

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NONCURRENT LIABILITIES are liabilities that represent money the entity owes one year or more in the future. There are many line items in this category, the most important one being long-term debt.

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DEPLETION is the process of cost allocation that assigns the original cost of a natural resource to the periods benefited. For example: a mining company purchases mineral rights to a deposit for $5 million for a period of ten years. The cost of the natural resource, $5 million, will be depleted over the ten years of the benefit; i.e., it is the physical exhaustion of a natural resource (e.g., timber, oil and coal).

T&M is Time and Materials.

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