GLOSSARY 571

GLOSSARY 571

or an expense, or the reduction or elimination of a liability or item of equity or revenue. DEBT — That which is due from one person or another; obligation, liability. DEBTOR — A person who is in debt; the one owing money to another. DECLINING BALANCE DEPRECIATION — A method of accelerated depreciation allowed by the IRS in certain circumstances. Double Declining Balance Depreciation is its most common form and is computed by using double the rate used for straight line depreciation. payment of the debt owing to the lender out of the proceeds. DEDICATION — The giving of land by its owner to a public use and the acceptance for such use by authorized officials on behalf of the public.