What Is Succession Planning? What Are the Benefits of Succession

question 34

Essay

What is succession planning? What are the benefits of succession planning?

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Definitions:

Depreciable Cost

The cost of an asset that is subject to depreciation over its useful life, excluding any salvage value.

Double-Declining-Balance Rate

A method of accelerated depreciation where an asset's book value is reduced at double the rate of its straight-line depreciation each year.

Double-Declining-Balance Depreciation

A method of accelerated depreciation that applies twice the normal depreciation rate on the declining balance of an asset.

Straight-Line Depreciation

A technique for spreading the expense of a physical asset evenly across its lifespan.