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Which statement is correct?
Equipment Cost
The total expenditure incurred to purchase, install, and make operational a piece of equipment.
CICA
Canadian Institute of Chartered Accountants, responsible for setting accounting and auditing standards in Canada.
Financial Lease
A type of lease in which the lessee is effectively considered to own the asset during the lease term and bears the risk of obsolescence.
Tax Avoidance
The legal practice of structuring financial affairs to minimize tax liabilities without violating the law.
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