Question

Depreciation Accounting has been defined by the ________ as " a system of accounting which aims to distribute the cost or other basic value of tangible capital assets less salvage (if any) over the estimated useful life of the unit (which may be a group of assets) in a systematic and rational manner. It is a process of allocation and not of valuation".

• A. The Institute of Chartered Accountants of England
• B. The Institute of Chartered Accountants of India
• C. American Institute of Certified Public Accountants
• D. The Institute of Chartered Accountants of Pakistan

Answer 1

The correct option is C American Institute of Certified Public Accountants

Accounting Standards Codification 360-10-35-4 defines depreciation .depreciation expense ceases in as much as the full cost of the asset has been recorded to expense. Committee of the American Institute of Certified Public Accountants .