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Summary depreciation is the method through which the cost of equipment utilized in the business is
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depreciation is the method through which the cost of equipment utilized in the business is recognizeddepreciation is the method through which the cost of equipment utilized in the business is recognizedAnswer & ExplanationYes, that's correct. Depreciation is an accounting method used to allocate th...

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  • October 6, 2024
  • 3
  • 2024/2025
  • Summary

Subjects

  • depreciation is the method through which the cost
  • thats correct depreciation is an accounting met
  • reflecting its consumption and wear and tearkey
  • adhering to the matching principle in accounting

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depreciation is the method through which the cost of equipment utilized in the

business is recognized




Answer & Explanation


Yes, that's correct. Depreciation is an accounting method used to allocate the

cost of a tangible asset over its useful life. This process allows businesses to

spread out the expense of an asset over several years, reflecting its consumption

and wear and tear.


Key Points about Depreciation:


1. Purpose: The main purpose of depreciation is to match the cost of using

an asset with the revenue it generates over time, adhering to the matching

principle in accounting.


2. Methods: There are several methods for calculating depreciation:


o Straight-Line Method: This method spreads the cost evenly

across each year of the asset's useful life.

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