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Your friend Lucy slept through a class in which her professo

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Your friend Lucy slept through a class in which her professor explained the concepts of depreciation and amortization. Use the Library's Accounting links and/or dictionary sources and the Internet to learn about these concepts, and then write a 4-5 paragraph explanation of the concepts for Lucy. Be sure to cite your sources

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Accountancy or accounting is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management. It is also the process through which a business can record its income earning property, called assets, and its expense creating obligations, called liabilities. Lastly, accounting helps a business tract its value, in the form of stockholders' equity. By recording and tracking all of these things on financial statements a business can determine its value, how well it is being managed, and even how best to change its operations to improve its profitability.

Financial statements are formal records of the financial activities of a business, person, or other entity. In British English, including United Kingdom ...

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