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📖 generic · CBSE Class 11 English medium · ACCOUNTANCY · Page 1poem

which are used in business for more than one

Chapter 7: Depreciation, Provisions and Reserves · ACCOUNTANCY

which are used in business for more than one L EARNING O BJECTIVES After studying this chapter, you will be able to : explain the meaning of depreciation and distinguish it from amortisation and depletion; state the need for charging depreciation and identify its causes; compute depreciation using straight line and written down value methods; record transactions relating to depreciation and disposition of assets; explain the meaning and purpose of creating provisions and reserves; distinguish between reserves and provisions; explain the nature of various types of provisions and reserves including secret reserve.

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atching principle requires that the revenue of→a given period is matched against the expenses→for the same period. This ensures ascertainment of→the correct amount of profit or loss. If some cost is→incurred whose benefit extend to more than one→

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