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Accounting for Depreciation

Why is it necessary to account for depreciation? In what situations would we not want to depreciate an asset?

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Deprecation means decline in value of an asset. (Management Accounting by Khan & Jain)
It is necessary to account for depreciation because it helps to take care of the decline in value of asset. The company systematically records the decline in the ...

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This solution provides an explanation for the importance of accounting for depreciation.