Solved: As an asset gradually loses its ability to provide benefits, Accounting Basics

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As an asset gradually loses its ability to provide benefits

Question - As an asset gradually loses its ability to provide benefits over its useful life, cash needs to be set aside to replace it. Depreciation accomplishes this goal. The difference between the cost of any depreciable asset and its related accumulated depreciation is referred to as its ‘carrying amount'. Depreciation is, therefore, a valuation concept.

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Accounting Basics: As an asset gradually loses its ability to provide benefits

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Accounting Basics: As an asset gradually loses its ability to provide benefits

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