APPLIED RESEARCH Definition

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APPLIED RESEARCH is designed to solve practical problems of the modern world, rather than to acquire knowledge for knowledges sake.

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WORK-OF-ART is a product of one of the fine arts; especially a painting or sculpture of artistic merit.

MODIFIED ACCELERATED COST RECOVERY SYSTEM (MACRS) is a system used in accounting to define the rate and method under which a fixed asset will be depreciated for tax purposes.

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