The loss in value of an asset due to wear and tear in the course of its use is known as

Assessment: WAEC SSCE - Agricultural Science - 1995 (Objective) Subject: Agricultural Science

Question 1 Report

The loss in value of an asset due to wear and tear in the course of its use is known as
Answer Details
Depreciation is the loss in value of an asset over time due to wear and tear or obsolescence resulting from its use in the normal course of business. It reflects the decrease in an asset's value over time, which is recorded as an expense on a company's income statement. This decrease in value is due to factors such as age, wear and tear, and obsolescence, and it affects the asset's book value or carrying value. Depreciation is important in financial accounting because it helps to accurately reflect the true value of assets on a company's balance sheet.
Read lesson note on Meaning And Importance Of Agriculture (WAEC)
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