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Explain what is depreciation to someone who doesn't know anything about accounting. How does depreciation relate with the market value of an asset like a

  1. Explain what is depreciation to someone who doesn't know anything about accounting. How does depreciation relate with the market value of an asset like a brand new automobile.
  2. What is GAAP --What does it mean? Why is it important? Does GAAP make comparing different companies possible? Name two characteristics of GAAP.

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