Question

depreciation is not charged on livestock ( true/false​

Answer 1

Answer:

depreciation chargde on livestock

Answer 2

Answer: True

Depreciation is not charged on livestock.

Livestock includes domestic animals i.e. cattle, poultry etc..

Explanation:

As per accounting standard 6, depreciation is charged on all depreciable assets except the following:

1. Goodwill
2. forest, plantations and natural resources
3. Research and development expenses
4. livestock
5. Land

Depreciation is a charge on depreciable assets created for use of asset.

It is a non cash expenditure.