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Useful Life
The estimated period over which an asset is expected to be usable for its intended purpose.
Plant Asset
Long-term tangible assets used in the production and operation of a company, excluding inventory.
FASB
The Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards in the United States.
Depreciation Method
A systematic approach used to allocate the cost of a tangible asset over its useful life.
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