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This is usually done in a rational and systematic manner. Depreciation expense generally begins when the asset is placed in service. For example, a depreciation expense of per year for five years may be recognized for an asset costing In accountancy, depreciation refers to two aspects of the same concept: These may be specified by law or accounting standards, which may vary by country.
The former affects the balance sheet of a business or entity, and the latter affects the net income that they report. Generally this involves four criteria: