In Accounting,depreciation Refers to the

question 40

Multiple Choice

In accounting,depreciation refers to the

• A) allocation of asset cost.
• B) wearing away of an asset.
• C) decline in value of an asset.
• D) obsolescence of an asset.

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Definitions:

Death

The end of life in biological organisms; not applicable in a financial or economic context unless metaphorically used.

Partnership

A type of business organization in which two or more individuals own and operate the business, sharing its profits and liabilities.

Death of a Partner

A significant event in a partnership that necessitates the revaluation and redistribution of partnership assets, liabilities, and equity according to the partnership agreement.