RETROSPECTIVE Definition

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RETROSPECTIVE is to be concerned with or related to the past, e.g. managements review of the prior years performance.

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RECHARGE, in accounting, normally involves an activity that provides a specific, ongoing and repetitive good or service to an entity or projects and recovers the cost of providing the good or service from the entity served on a fee basis. Operating costs are supported by recharges to the departments or specific activity receiving the service.

LONG-LIVED ASSETS are usually those assets that are not consumed during the normal course of business, e.g. land, buildings and equipment, etc.

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