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Discuss the impact of philosophical orientations on ethics and business practices
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.
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