Question

What is obsolescence in accounting?

Answer 1

Obsolescence is referred to as the state of becoming obsolete. It is applied in the case of fixed assets in accounting which become obsolete at the end of their useful life.

Also read:

• True and False Questions on Depreciation
• What Is Depreciation
• MCQs on Depreciation
• What Is a Fixed Asset
• MCQs on Goodwill

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