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Question

The depreciation is provided taking into consideration the useful ______ life of fixed assets.

A
Annual
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B
Accounting
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C
Economic
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D
Current
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Solution

The correct option is C Economic
Under more than one circumstances, facts and figures presented through financial statements based on personal judgments. The depreciation is provided taking into consideration the useful economic life of fixed assets. Provisions for doubtful debts are made on estimates and personal judgments.

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