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What is Understanding Depreciation in Accounting about?
Depreciation is the allocation of the cost of a tangible asset over its useful life. It recognizes that the value of assets decreases over time due to wear and tear, damage, or obsolescence. Depreciation is calculated by allocating the cost of the asset minus its residual value over its estimated useful life. There are different methods to calculate depreciation such as the straight-line method and the written down value method. Depreciation is recorded for accounting and tax purposes according to different
- Author
- RitEsh SaHu
- Language
- EN