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Depreciable Asset
An asset that diminishes in value over time due to use, wear and tear, or obsolescence, which can be deducted over its useful life.
Market Value
The current price at which an asset or a service can be bought or sold in a marketplace.
General Journal
A primary bookkeeping ledger used by businesses to record all transactions in chronological order.
General Ledger
The comprehensive set of accounts that records all transactions of a business, serving as the foundation for preparing financial statements.
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