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Depreciation is the process of
Depreciation is the process of
- reducing an asset's value over time
- calculating the total revenue generated by an asset
- increasing an asset's value over time
- allocating an asset's cost over its useful life (correct)
What is the purpose of creating accounting depreciation schedules?
What is the purpose of creating accounting depreciation schedules?
- To determine the total value of a fixed asset
- To take advantage of tax benefits (correct)
- To track the revenue generated by a fixed asset
- To calculate the depreciation expense for a current asset
Which type of assets are depreciated?
Which type of assets are depreciated?
- Both current and fixed assets
- Current assets
- Neither current nor fixed assets
- Fixed assets (correct)
What are fixed assets in accounting?
What are fixed assets in accounting?
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What are depreciation schedules used for?
What are depreciation schedules used for?
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