The first known use of the word ‘BAILOR’ was done in 1602. The word ‘bailor’ means ‘a person who has delivered his goods to another in trust’. In a bailment agreement when a person gives or hands over his property(movable) to another for a specific purpose, the person who delivers his goods is known as ‘Bailor’. Thof the ultimate owner of the goods.
For Example: A delivers his car for repair to B. Here A is the Bailor. The terms bailor is thus used in a bailment agreement.
A budget is an estimation of revenue and expenses over a specified future period of your time and is typically compiled and re-evaluated periodically.
Depreciable assets are those assets that can be written down in the books of accounts over a period of time for tax and accounting purposes according to the Internal Revenue Service (IRS) rules.