Depriciation is?

Assessment: JAMB UTME - Principles of Accounts - 2024 Subject: Financial Accounting

Question 1 Report

Depriciation is?
Answer Details
Depreciation refers to the gradual decrease in the value of a fixed asset over time due to factors such as wear an tear, obsolescence, or passage of time. It represents a decrease in the asset's value rather than an increase. As assets are used or become outdated, their value diminishes, which is reflected as depreciation in the financial statements.
Read lesson note on Provisions And Reserves (WAEC)
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