what is characteristics of depriciation
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(1) Depreciation is only charged on non-current assets.
(2) Depreciation occurs from the date of purchase of an asset, till the last day of its estimated useful life.
(3) The amount of annual depreciation cannot be exact as it has to be estimated.
(4) It represents gradual and continuous reduction in the value of asset.
(5) Depreciation is charged against income of the relevant accounting periods over the useful life of the asset.
(8) Land is not a depreciable non-current asset.
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Depreciation is defined as a reduction in the value of an asset that occurs over time as the asset gets older or as wear and tear occurs, or the decline of one currency in relation to others.
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