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Yogita Ingle 4 years, 3 months ago
Accounting as Science: Science is an organised body of knowledge based on certain basic principles. Therefore, accounting is also a science as it is an organised body of knowledge based on certain accounting principles.
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Depreciation is the decrease in the monetary value of the tangible assets of the company due to use, wear & tear or obsolescence. Such depreciated amount is deducted from the gross profit of the company and is shown as an Indirect expense in the statement of profit and loss a/c of the company.
There are different methods in accounts for depreciation but most common are straight line and written down value.
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