Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
_________ assumes the business will go on indefinitely in the future.
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.