what is depreciation, what isdouble entry,alltypes of
assets,alltypes of liabilities
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Answer / sravanthi
Depreciation means gradual and permanent decrease in the
value of asset due wear and tear,technology changes and
laps of time.
entering the transaction on both debit and credit side.
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Answer / abdul rashid
Depreciation is the continuous decrease in the value of
assets.
Depreciation is debited and the assets on which it is
charged is credited, e.g.
Depreciation A/C Dr. Rs.xxxxx
To, Machinery A/C Rs.xxxxx
In my 12 years of accounting experience I have never heard
of charging depreciation on liability.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / rajesh
depreciation: an increase in the value of the asset is
called depreciation
double entry: any transaction entering both debit side and
credit side is caled doublr entry.
assets: current assets, fixed assets, liquid assets,
intangible assets.
liabilitirs: current liabilities, fixed liabilities
| Is This Answer Correct ? | 2 Yes | 17 No |
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