Question

explain the contemporary methods od depreciation accounting and justify​

Answer 1

Explanation:

Depreciation takes the tangible assets purchased in one year and allows a company to write off their purchase value, over time. There are depreciation tables that define the asset and its expected useful life. Depreciation requires that an item have a date when it was placed in service, and to use that date, even in the middle of the calendar year, to determine how much of the asset's value can be used to offset company income.