Question

Question 24.
Which of the following best describe the term Depriciation?
Answer:
Valuation of fixed asset at the end of the year
Verification of assets
O Allocation of cost of fixed assets over its useful life
Decreasing the market value of assets​

Answer 1

Answer:

depreciation is the fall in the value of tangible fixed assets with efflux to time or accident or obsolescence.

Depreciation is a permanent continuing and gradual fall in the value of fixed assets. it reduces the book value of the assets. however it's market value can be different.

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Answer 2

Allocation of cost of a fixed asset over its useful life (Option D)

Explanation:

• Firstly, depreciation is the process of allocation, not valuation.
• In simple words, depreciation tells us how much of the asset's value has been used up over its life expectancy.
• It is calculated from the date of starting the commercial usage of the asset.
• The depreciation is charged on reduced value when it comes to WDV method.

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