Asked by Benny Csillag on Jun 26, 2024
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Depreciation is the apportionment of the cost of a long-lived tangible asset to the future periods in which it provides benefits.
Depreciation
The systematic allocation of the cost of a tangible asset over its useful life, recognizing the asset's wear and tear, deterioration, or obsolescence.
Long-Lived Tangible Asset
Physical assets that have a useful life of more than one year, used in the operation of a company.
Future Periods
Timeframes that are ahead of the current date, focusing on planning or projections in accounting or strategic planning.
- Understand the concepts of depreciation and amortization for assets with a long service life.
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Learning Objectives
- Understand the concepts of depreciation and amortization for assets with a long service life.
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