Question

________ is an accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life.

Answer 1

depreciation is an accounting procedure for systematically spreading the cost of a tangible asset over its estimated useful life.

The term depreciation refers to the accounting method used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of the value of an asset has been used. It allows businesses to generate income from the assets they own by paying them over a period of time.

From an accounting perspective, depreciation is defined as a systematic reduction in the recorded cost of a fixed asset until the value of the asset becomes zero or negligible. Examples of fixed assets include buildings, furniture, office equipment and machinery.

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