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In economics, choices must be made because we live in a world of
Accumulated Depreciation
The total amount of a tangible asset's cost that has been expensed since it was put into use.
Recorded Cost
The cost of an asset as it appears in a company's books or financial statements, reflecting the original cost of acquisition.
Physical Count
An actual count of inventory or assets, conducted at certain intervals, to ensure the accuracy of records and accounts.
Allocating Cost
The process of assigning costs to various cost objects such as products, services, or departments for accounting purposes.
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