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DEPRECIATION
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Answer / me
An accounting process by which the cost of a FIXED ASSET, such
as a building or machinery, is allocated as a periodic
expense, spread over the depreciable
life of the ASSET
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / madhulika2011
A METHOD OF ALLOCATING THE COST OF TANGIBLE ASSETS OVER ITS USEFUL LIFE. BUSINESS DEPRECIATE LONG TERM ASSET FOR BOTH TAX AND ACCOUNTING PURPOSE.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / laymanblog
In simple, it means Decrease in the value of the assets. So
the company mentioned the present value of the asset,
deduction the depreciated(decreased) value in the Balance
Sheet.
| Is This Answer Correct ? | 3 Yes | 2 No |
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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
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