How does the adjustment for depreciation differ from other deferral adjustments?.

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16-09-2022
Business

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How does the adjustment for depreciation differ from other deferral adjustments?.

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Baraka1 Baraka1 · Answer 1 · 2022-09-23T11:03:38-04:00

Depreciation adjustments use a contra asset account instead of directly reducing asset accounts.

As a result, depreciation adjustment differs from those other deferral adjustments that do not employ a contra account.

For depreciation, an independent provision is made, that is shown on the liabilities side, and the value of asset is lowered by the quantity of depreciation provision formed.

Depreciation is a more complicated adjustment. Depreciation expands the price of non-current assets over their useful lives, resulting in a charge against profit on the profit or loss statement.

To learn more about depreciation adjustments: brainly.com/question/25530648

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