When an accountant writes off the cost of a tangible asset over its estimated lifetime, it is called depreciation.

Name: When an accountant writes off the cost of a tangible asset over its estimated lifetime, it is called depreciation.
Brand: Quizplus
Rating: 4.9 (27 reviews)

Question

Quizplus · Accepted Answer

Depreciation is the write-off each year of part of an asset over its estimated useful life. The government permits firms to depreciate a fixed asset over its lifetime, rather than deduct the entire expense when the asset is purchased.

When an Accountant Writes Off the Cost of a Tangible