Examlex
Which of the following statements is true?
Company
An entity engaged in commercial, industrial, or professional activities, either as a single individual or a group of people structured as a corporation, partnership, or sole proprietorship.
Depreciation
The accounting method of allocating the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up.
Long Lived Asset
An asset that is expected to provide economic benefits over a prolonged period, typically over one year, such as buildings, machinery, and equipment.
Service Life
Service life is the expected period during which an asset remains useful and operational for its intended purpose.
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