Depreciation Flashcards
1
Q
Depreciation
A
Allocation of a non-current asset over its life.
2
Q
Depreciation expense
A
The amount of depreciation written off as an expense for one particular period.
3
Q
Qualitative characteristics
A
- Faithful representation
* Relevance
4
Q
Straight line method
A
A method of depreciation that allocates the same amount of depreciation for every period.
5
Q
Accumulated depreciation
A
The total amount of depreciation that has been written off from the date the asset came under control of the business until the present time.
