depreciation account

Learn about depreciation accounts and how they impact financial reporting. A depreciation account tracks the reduction in value of a company’s fixed assets over time due to wear and tear or obsolescence. This helps businesses allocate depreciation expenses, manage tax deductions, and maintain accurate financial records. Understand how depreciation accounts work to ensure proper asset management, accurate profit calculations, and financial transparency. Keep your business’s finances in check with a well-maintained depreciation account.