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Depreciation

Depreciation ...

Question

Depreciation is decline in the value of assets due to:

A

Passage of time

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B

Obsolescence

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C

Wear & tear

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D

All the above

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Solution

The correct option is D
All the above

Depreciation is the decline in the value of assets due to passage of time, wear and tear, obsolescence and end of legal rights.

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Q. Depreciation is the fall in the ____________ of a fixed asset through physical wear and tear due to use or passage of time or from any other cause.

Q. __________ has defined depreciation as "a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, effluxion of time or obsolescence through technology and market changes. Depreciation is allocated so as to charge a fair proportion of depreciable amount in each accounting period during the expected useful life of the asset. Depreciation includes amortization of assets whose useful life is predetermined."

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