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What is the purpose of depreciating assets?

Depreciation is the reduction of the value of an asset over its useful life. This reduction in value is due to wear and tear or obscelence just to name a few.

Assets are depreciated so that the business accounts can reliably give a fair view of the financial position as at a certain date. This is an application of the prudence concept.

Rufaro M. GCSE Accounting tutor

1 year ago

Answered by Rufaro, a GCSE Accounting tutor with MyTutor

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