Instructions: Identify the Following Term(s)

question 45

Short Answer

Instructions: Identify the following term(s).
serf

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Definitions:

U.S. GAAP

United States Generally Accepted Accounting Principles, which are a set of rules and standards for financial reporting and accounting practices in the U.S.

Straight-Line Method

A method of calculating depreciation of an asset by evenly spreading the cost over its useful life.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that are globally accepted.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, deterioration, or obsolescence.