Accounting Question
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fixed assets: These are the assets which were used in the business for more than one year. These assets are used for the purpose of business operations of an enterprise. The fixed assets include both depreciable and non-depreciable fixed assets.
Depreciation: It is the cost incurred to use a long-term asset. It is the value of the asset which was used during the period for the purpose of business operations. This cost is charged against the revenue for each period.
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