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Question

Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from -
I. Use
II. Efflux of time
III. Obsolescence through technology and market changes
Select the correct answer from the options given below:

A
I & II
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B
II & III
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C
I & III
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D
Any of the above
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Solution

The correct option is D Any of the above
As per Accounting Standard-6, Depreciation is a measure of the wearing out,consumption or other loss of value of a appreciable asset arising from use, effluxion of time or obsolescence through technology and market changes.Depreciation is a non-cash flow expense for an entity.

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