Question on: JAMB Accounting - 2019
A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as
A
Estimate
B
Depreciation
C
Asset
D
Useful Life
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Correct Option: B
Depreciation is the gradual decrease in the economic value of the capital stock of a firm, nation or other entity, either through physical depreciation, obsolescence or changes in the demand for the services of the capital in question. Wikipedia
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