Depreciation: Understanding the Concept, and Laughing Along the Way! 🎉
Ah, depreciation! It’s not just for wrinkles and old cars anymore! Nope, this magical accounting term is also crucial in business - who knew tax complexity could be so funny? Let’s take a comfy seat and dive into the world of depreciation, where numbers lose value over time just like our new year resolutions.
What is Depreciation? 🤔
In simple terms, depreciation is the process of reducing the value of an asset over time. Imagine your office chair—it doesn’t quite support your weight as well as it did on day one. Depreciation is accountants’ way to say, “Hey, that thing’s getting old and rickety!”
Think of it as a way to measure how much
