Accounting for IGCSE & O level - Accounting Procedures (Section 20 - No. 31)
What does the term 'depreciation' represent in accounting?
The increase in value of an asset over its useful life.
The allocation of the cost of an asset over its useful life.
The current market value of an asset.
The amount of cash spent on an asset.
Explanation
Depreciation is the process of allocating cost over its useful life.
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