IndigoLearn

Forums

All Topics Accountancy Auditing Corporate & Other Laws Direct Taxation Indirect Taxation Financial Management Economics Costing Strategic Management Maths & Stats Exams Others AFM Financial Reporting CFA Level I

Depreciation

Accountancy

Is provision for depreciation a/c and accumulated depreciation a/c the same?

Girinath A

CA Inter

★ 765

22-Jul-21 20:27

225

Answers (1)

Every year provision for depreciation a/c is credited for depreciation of that year. Accumulated depreciation is a term which implies depreciation till date from asset purchase. So, total amount lying in Provision for depreciation account is nothing but accumulated depreciation