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In the context of communication,which of the following statements is true?
GAAP
Generally Accepted Accounting Principles, a set of accounting standards, guidelines, and procedures used in the United States for financial reporting.
Straight-Line Depreciation
A method for calculating the annual depreciation expense by equally distributing the cost of an asset minus its salvage value over its estimated useful life.
Group Method
A depreciation approach applied to a collection of assets that have similar service lives and uses, treating them as a single asset for depreciation purposes.
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