Question

what is depreciation in account​

Answer 1

Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to account for declines in value. Businesses depreciate long-term assets for both tax and accounting purposes

Answer 2

Depreciation allows a business to write off the loss it experiences through the wearing down of assets. There are many ways of figuring depreciation, but the straight-line method is the simplest and the most popular. Generally, depreciation is calculated using the asset's cost, residual value, and useful life.

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