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Accounting
standard are the defined accounting policies issued by the government or expert institute . These accounting standards are issued to bring harmonization in follow up of accounting policies.
decrease in the value of assets due to wear and tear and passage of time. Depreciable assets: a. Are expected to be used during more than one accounting period. b. Have a limited useful life. c. Are held by an enterprise for use in the production or supply or for administrative purpose.
Depreciation:
Straight
AS-6
i.e.