Accounting Terms Dictionary

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Depreciation is cost expiration of a fixed or plant asset.

When an asset is depreciated the owner deducts part of the cost of the asset every year the asset is in use. If an asset is used for 10 years, instead of deducting the whole cost of the asset in the year it is purchased, the owner would deduct part of the cost in each of the 10 years it is in use.

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