One of the most important topics in the subject of accounting is none other than depreciation. Every business entity deals with the accounting process related to depreciation and thus it can be regarded as a highly useful concept in real life business scenario. It can be really challenging to find Depreciation Features Causes Objectives and Factors Homework Answers on your own because this topic is very elaborate. If you are getting tensed about finishing your homework on time then you should surely go through all the information that is being discussed here.
A glimpse of the topic
Depreciation is the reduction in value of tangible assets like plant, equipments, machineries etc because of wear and tear as they are constantly used over a period of time. It is necessary to account for depreciation otherwise assets will not be shown at their true values. The accounts department in a company handles all the entries related to depreciation as well as its inclusion in financial statements like profit and loss account and balance sheet.
Features of depreciation
- It is a reduction in the value of assets.
- There can be various methods of charging depreciation.
- It is one of the normal things that every business entity encounters in relation to tangible assets.
- Maintenance is different from the aspect of depreciation.
- Depreciation estimate helps in allocating the assetâ€™s cost over its lifetime.
Causes of depreciation
- Constant use is the reason behind depreciation.
- Some assets may have only a definite time period, thus it is important to allocate its cost with ascertaining depreciation.
- Depletion is also one of the causes.
- Sometimes an asset may become obsolete after a period of time.
- Many assets see a drastic and permanent fall in their prices.
- Sometimes abnormal factors like accident, natural calamities, and damages can lead to depreciation in the value of assets.
Objectives of depreciation
- To show all the assets at their fair value.
- To allocate the necessary funds and to make provision for depreciation, so that the assets can be replaced when they are completely redundant.
- To determine the correct situation of profit or loss.
- To determine the taxes correctly.
- To calculate the exact cost related to production and ascertaining the fact that dividends are paid from the profits only.
Factors considered in depreciation
- The total cost of the assets.
- The estimation about the total useful life of asset.
- The scrap value after the useful life.
- Obsolescence chances.
- Rules and regulations prescribed on the legal front.
- Addition made to the assets in between.
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