A _____ Is a Group Representing the Interests of an Industry

question 68

Multiple Choice

A _____ is a group representing the interests of an industry or industry segment.

• A) business roundtable
• B) peak association
• C) business alliance
• D) trade association

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Definitions:

Salvage Value

Salvage value refers to the predicted value an asset will have when it is sold after reaching the end of its usability.

Depreciation Expense

An accounting method that allocates the cost of a tangible asset over its useful life, reflecting the decrease in value over time.

Machinery Retirement

Machinery retirement refers to the process of removing fixed assets, specifically machinery, from operational use due to obsolescence, age, or inefficiency.

Double-declining-balance Method

An accelerated depreciation method that doubles the normal depreciation rate, allowing for more depreciation expense in the earlier years of an asset's life.