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What is a user-defined procedure?
Depreciation
The accounting method of allocating the cost of a tangible asset over its useful life to account for the decline in value over time.
Lease Payments
Regular payments made by a lessee to a lessor for the use of an asset over a specified period.
Sole Proprietor
An individual who owns and operates a business alone, bearing full responsibility for its debts and liabilities.
Schedule C
A form used by sole proprietors to report their business income and expenses to the IRS as part of their personal tax return.
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