explain the detail accounting standard - 6 deprecation account
Answers
Explanation:
Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, passage of time or obsolescence through technology and market changes.
Depreciation is allocated so as to charge a fair proportion of the depreciable amount in each accounting period during the expected useful life of the asset. Depreciation includes amortisation of assets whose useful life is predetermined.
The depreciable amount of a depreciable asset should be allocated on a systematic basis to each accounting period during the useful life of the asset .As6 Depreciation though an old accounting standard is considered very significant, as it affects the preparation and presentation of financial statements for all enterprises.
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