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Depreciation

ICSE · Class 11 · Accountancy

Quick revision notes for Depreciation — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

63 questions40 flashcards5 concepts

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Key Topics to Revise

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1. Meaning, Nature, and Characteristics of Depreciation

  • Depreciation is the gradual and permanent decrease in the value of an asset from any cause.
  • It is a permanent decline in the nature of an asset.
  • It applies to tangible fixed assets except land.
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2. Causes of Depreciation

  • Wear and tear due to constant use is a main cause of depreciation.
  • Assets like lease, copyright, and patent lose value due to expiry of fixed legal life.
  • Obsolescence is loss of usefulness due to improved production methods or new inventions.
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3. Need or Objectives of Providing Depreciation

  • It helps ascertain true profits because depreciation is an expense like wages, salary, and rent.
  • It gives a true and fair view of financial position in the balance sheet.
  • Depreciation amounts retained in business help create funds for replacement of assets.
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4. Factors Affecting the Amount of Depreciation

  • Cost of asset includes invoice price less trade discount plus all expenses up to installation.
  • Scrap value is the residual, break up, or salvage value expected at the end of useful life.
  • Effective, commercial, or legal life, whichever is shorter, is used for depreciation.

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Full Notes

Key Concepts

Depreciation is the gradual and permanentDepreciation is permanentMain causes include constant useDepletion is used for natural resourcesThe amount of depreciation depends on

Frequently Asked Questions

What are the important topics in Depreciation for ICSE Class 11 Accountancy?
Depreciation covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Depreciation — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 63 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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