Which of the following statements is true?
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a.
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Depreciation is a process of valuation.
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b.
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Depreciation is a process by which a business sets aside cash to replace assets as needed.
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c.
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Accumulated depreciation represents a growing fund of cash.
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d.
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Accumulated depreciation is the portion of an asset's cost that has already been recorded as an expense.
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e.
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Both a and d are true.
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