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Reducing balance = A reducing amount of depr is charged each years. Useful for assets which provide more benefit in earlier years (cars/IT).
Profit is understated in the IS (as cost of sales is too high)
Profit is overstated in the IS (as cost of sales is too low)
Assets - Liabilities = Equity
This may be extended with: In the interests of shareholders and in relation to those stakeholders beyond the company boundaries.