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Depreciation is a fundamental concept in financial accounting that reflects the systematic allocation of the cost of a tangible fixed asset over its useful life. Assets such as buildings, machinery, vehicles, and equipment are acquired to provide benefits over several years rather than just in one accounting period. Since these assets wear out, deteriorate, or become obsolete with time, their value decreases. Depreciation recognizes this decline in value and ensures that the expense of using an asset is matched with the revenue it generates, in accordance with the matching principle of accounting. Without charging depreciation, financial statements would present inflated profits and _____ ____ ___ ___ _______ _________ _______.
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