Depreciation is

Assessment: WAEC SSCE - Financial Accounting - 2002 (Objective) Subject: Financial Accounting

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Depreciation is
Answer Details
Depreciation is a charge for the reduction in the value of a fixed asset over time due to wear and tear, obsolescence or other factors. It represents the allocation of the cost of the asset over its useful life. Depreciation is a non-cash expense, meaning that no actual cash changes hands. Instead, it is a way of recognizing that an asset has been used up in the production of revenue and should be expensed over its useful life.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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