Examlex
If depreciation expense is calculated without taking into account the asset's residual value,depreciation expense will be overstated.
Ratification
The official way to confirm something, usually by vote, making it valid or officially approved.
Agency
A legal entity in which one party (the agent) is authorized to act on behalf of another (the principal) in creating legal relationships with third parties.
Effective
The degree to which something is successful in producing a desired or intended result.
Authority
The legal right or power to make decisions, give orders, or act on behalf of another person or entity.
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