Complete the following sentence: Gradual and permanent decrease in the value of asset is known as - Book Keeping and Accountancy

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Complete the following sentence:

Gradual and permanent decrease in the value of asset is known as ____________

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Solution

Gradual and permanent decrease in the value of an asset is known as depreciation.

Concept: Depreciation
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Chapter 7: Depreciation - Exercises [Page 243]

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