February 26, 2019

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Depreciation, Provisions and Reserves

Cash flow Statements Practice Paper-Accountancy Class XII

Depreciation, Provisions and Reserves

Depreciation, provisions and reserves

As an accounting term, depreciation is that part of the cost of a fixed asset which has expired on account of its usage and/or lapse of time. Hence, depreciation is an expired cost or expense, charged against the revenue of a
given accounting period.

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