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A semiconductor quantum dot (QD) embedded within an optical microcavity is a system of fundamental importance within quantum information processing. The optimization of quantum coherence is crucial in such applications, requiring an in-depth understanding of the relevant decoherence mechanisms. We provide herein a critical review of prevalent theoretical treatments of the QD-cavity system coupled to longitudinal acoustic phonons, comparing predictions against a recently obtained exact solution. Within this review we consider a range of temperatures and exciton-cavity coupling strengths. Predictions of the polaron Nakajima-Zwanzig (NZ) and time-convolutionless (TCL) master equations, as well as a variation of the former adapted for adiabatic continuous wave excitation (CWE), are compared against an asymptotically exact solution based upon Trotter's decomposition (TD) theorem. The NZ and TCL implementations, which apply a polaron transformation to the Hamiltonian and subsequently treat the exciton-cavity coupling to second order, do not offer a significant improvement accuracy relative to the polaron transformation alone. The CWE adaptation provides a marked improvement, capturing the broadband features of the absorption spectrum (not present in NZ and TCL implementations). We attribute this difference to the effect of the Markov approximation, and particularly its unsuitability in pulsed excitation regime. Even the CWE adaptation, however, breaks down in the regime of high temperature ($50K$) and strong exciton-cavity coupling ($g \gtrsim 0.2$ meV). The TD solution is of comparable computational complexity to the above-mentioned master equation approaches, yet remains accurate at higher temperatures and across a broad range of exciton-cavity coupling strengths (at least up to $g=1.5$ meV).