Accounting for IGCSE & O level - Accounting Procedures (Section 21 - No. 36)
Which of the following is true about depreciation in accounting records?
Depreciation is an estimate.
Depreciation always follows the same method.
Depreciation is required for all assets.
Depreciation impacts the income statement and balance sheet.
Explanation
Depreciation is an estimate, and it impacts two financial statements.
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