what is depreciation, what isdouble entry,alltypes of
assets,alltypes of liabilities
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Answer / sravanthi
Depreciation means gradual and permanent decrease in the
value of asset due wear and tear,technology changes and
laps of time.
entering the transaction on both debit and credit side.
Is This Answer Correct ? | 10 Yes | 0 No |
Answer / abdul rashid
Depreciation is the continuous decrease in the value of
assets.
Depreciation is debited and the assets on which it is
charged is credited, e.g.
Depreciation A/C Dr. Rs.xxxxx
To, Machinery A/C Rs.xxxxx
In my 12 years of accounting experience I have never heard
of charging depreciation on liability.
Is This Answer Correct ? | 5 Yes | 0 No |
Answer / rajesh
depreciation: an increase in the value of the asset is
called depreciation
double entry: any transaction entering both debit side and
credit side is caled doublr entry.
assets: current assets, fixed assets, liquid assets,
intangible assets.
liabilitirs: current liabilities, fixed liabilities
Is This Answer Correct ? | 2 Yes | 17 No |
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