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Control Account

A single account that controls a set of subsidiary accounts. In other words, it summarizes the subsidiary accounts in order...

    Contra Account

    An account whose balance is opposite the balance in its related account (the so-called paired account). For instance, accumulated depreciation...

      GCA

      It stands for gross carrying amount; the amortized cost of an asset, before adjusting for any loss allowance (without deduction...

        Lease

        A contract in which an owner of property/ usable asset (a lessor) places it at the disposal of another party...

          Capital Lease

          A type of lease in which a financier (a finance company, a bank) is and remains the legal owner of...

            Financing Lease

            A type of lease in which a financier (a finance company, a bank) is and remains the legal owner of...

              Finance Lease

              A type of lease in which a financier (a finance company, a bank) is and remains the legal owner of...

                Service Lease

                A lease contract that provides a lessee the right to use an asset without enjoying the benefits of ownership. The...

                  Operating Lease

                  A lease contract that provides a lessee the right to use an asset without enjoying the benefits of ownership. The...

                    Shareholders’ Equity

                    The amounts of funds that have been provided by owners of a business (firm) as well as their claims on...