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What accounting concepts or principles are being applied

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Question 1: Detailed memo to Mr. Fogle. Explain the accounting concept of depreciation and contrast this with the dictionary definition of depreciation. Include in your memo why, for accounting and financial reporting perspectives, it is important and necessary for Mr. Fogle to record depreciation on the building even though its market value may have increased. What accounting concepts or principles are being applied here?

Reference no: EM132504624

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