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What is Depreciation in Accounting about?

Depreciation is the gradual decrease in the value of fixed assets over time due to factors like wear and tear, obsolescence, and damage. It allows businesses to allocate the cost of an asset over its useful life, improving the accuracy of financial statements and aiding in profit determination and asset management. Various methods of depreciation, such as straight-line, reducing balance, and units of production, provide different approaches to calculating asset value reduction.

Author

fatai ayinla

Language

EN