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Figure 1.2
Using the figure above, identify the labeled part.
-Label H: ______________________________
Inventories
Quantifiable goods or materials held by a company for the purpose of sale in the ordinary course of business, production, or use in creating goods and services.
Depreciable Asset
An asset that decreases in value over time due to use, wear and tear, or obsolescence and can be written off against income.
Useful Life
The estimated period over which an asset is expected to be usable by an entity, or the number of production or similar units expected to be obtained from the asset by an entity.
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