Definition, Explanation and Characteristics of “Depreciation” or “Accounting Depreciation”: Learning Objectives: Define and explain the terms “depreciation” or “accounting depreciation”. The value of assets gradually reduces on account of use. Such reduction in value is known as depreciation. Different authors have given different definitions
effluscion of time
The normal expiration of a lease due to the passage of time, rather than due to a specific event that might be cause to the lease to end, such as destruction of the building.