Accounting · Depreciation
Consider the following statements regarding Depreciation: 1. Depreciation represents a systematic allocation of the depreciable amount of an asset over its useful life. 2. Depreciation is charged only when the market value of the fixed asset declines below book value. 3. Depreciation is recorded as an expense in the profit and loss account. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2 and 3
- 22 and 3 only
- 31 and 3 only✓
- 41 and 2 only
Correct answer
1 and 3 only
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