What does the term depreciation mean in accounting, Accounting Basics

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What does the term depreciation mean in accounting

Response to the following questions:

1. Identify the asset class for each of the following: (a) supplies, (b) office equipment, (c) inventory, (d) land for future expansion, and (e) trucks used in operations.

2. On January 1, 2011, a company pays $77,000 to purchase office furniture with a zero salvage value. The furniture's useful life is somewhere between 7 and 10 years. What is the year 2011 straight-line depreciation on the furniture using (a) a 7-year useful life and (b) a 10-year useful life?

3. What does the term depreciation mean in accounting?

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Accounting Basics: What does the term depreciation mean in accounting

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