Depreciation is:
A) the amount of value lost because an item is wearing out over time.
B) taken for land and buildings on the land.
C) taken for land only.
D) taken on a person's primary residence.

Question

Quizplus · Accepted Answer

Depreciation refers to the reduction in value of an asset over time due to wear and tear, age, or obsolescence. It is typically applied to tangible assets like machinery, vehicles, and buildings, but not to land, as land does not wear out or get used up.

Depreciation Is