Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 49)
Which of the following is the best description of depreciation?
The process of valuing an asset.
The process of expensing the cost of an asset over its useful life.
The decrease in the market value of an asset.
The cost of repairing an asset.
Explanation
Depreciation allocates the cost over the asset's life.
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