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Asked/Added Questions From NCERT:


Question 1. Asked on :16 August 2020:10:53:18 AM

 Define Cost of Asset.

-Added by nisha sheikh Accountancy » Depreciation

Answer:

nisha sheikh

Cost of the Asset refers to the cost at which asset is purchased. It includes all expenses incurred upto the point the asset is ready for use.

-Answered by nisha sheikh On 16 August 2020:10:54:34 AM


Question 2. Asked on :16 August 2020:10:48:34 AM

 Write the Objectives of providing Depreciation?

-Added by nisha sheikh Accountancy » Depreciation

Answer:

nisha sheikh

1. To ascertain correct profit/loss

2. To show a true and fair view of financial statements

3. To show assets at their proper value

4. To make provision for replacement of assets.


-Answered by nisha sheikh On 16 August 2020:10:50:39 AM


Question 3. Asked on :16 August 2020:10:44:05 AM

 Write the causes of Depreciation.

-Added by nisha sheikh Accountancy » Depreciation

Answer:

nisha sheikh

1. Physical wear and tear  due to continuous use.

2. Efflux ( passage of time)

3. Physical deterioration

4. Obsolescence (asset becoming redundant due to technological changes)

5. Accidents (fire etc.)

6. Depletion

-Answered by nisha sheikh On 16 August 2020:10:45:09 AM


Question 4. Asked on :16 August 2020:10:39:08 AM

 What do you mean by Depreciation?

-Added by nisha sheikh Accountancy » Depreciation

Answer:

nisha sheikh

Depreciation means a fall in the value of asset due to usage, efflux of time or due to obsolescence.

-Answered by nisha sheikh On 16 August 2020:10:40:29 AM


 

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