what is depreciation? accounts *
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The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. Machinery, equipment, currency are some examples of assets that are likely to depreciate over a specific period of time.
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In accountancy, depreciation refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used.
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