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Misstatements
Errors or inaccuracies in financial statements that can arise from oversight or misinterpretation of financial information.
Omissions
Instances where information that should have been included in a document or conversation was left out, either intentionally or unintentionally.
Declining Balance
Declining balance is a method of accelerated depreciation in which an asset's book value is reduced at a faster rate in the early years of its life.
Straight-Line
A method of calculating depreciation of an asset where the asset's cost is evenly spread over its useful life.
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