Question

when provision for depreciation account is not maintained​

Answer 1

Answer:

It is important that while one depreciation account is sufficient to accommodate the depreciation expense on all fixed assets for the year, a separate provision for depreciation account must be maintained for each fixed asset account.

Answer 2

Answer:

ɪᴛ ɪs ɪᴍᴘᴏʀᴛᴀɴᴛ ᴛʜᴀᴛ ᴡʜɪʟᴇ ᴏɴᴇ ᴅᴇᴘʀᴇᴄɪᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ ɪs sᴜғғɪᴄɪᴇɴᴛ ᴛᴏ ᴀᴄᴄᴏᴍᴍᴏᴅᴀᴛᴇ ᴛʜᴇ ᴅᴇᴘʀᴇᴄɪᴀᴛɪᴏɴ ᴇxᴘᴇɴsᴇ ᴏɴ ᴀʟʟ ғɪxᴇᴅ ᴀssᴇᴛs ғᴏʀ ᴛʜᴇ ʏᴇᴀʀ, ᴀ sᴇᴘᴀʀᴀᴛᴇ ᴘʀᴏᴠɪsɪᴏɴ ғᴏʀ ᴅᴇᴘʀᴇᴄɪᴀᴛɪᴏɴ ᴀᴄᴄᴏᴜɴᴛ ᴍᴜsᴛ ʙᴇ ᴍᴀɪɴᴛᴀɪɴᴇᴅ ғᴏʀ ᴇᴀᴄʜ ғɪxᴇᴅ ᴀssᴇᴛ ᴀᴄᴄᴏᴜɴᴛ.