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As per ______ depreciation is the systematic allocation of the depreciable amount of an asset over its useful life.

A.
Schedule II to the Companies Act, 2013
B.
Schedule I to the Companies Act, 2013
C.
Schedule IV to the Companies Act, 2013
D.
Schedule III to the Companies Act, 2013

Solution:

Schedule II to the Companies Act, 2013, specifies useful lives of assets for the purpose of computation of depreciation. As per Schedule II of Companies Act, 2013 the description of Fixed assets has been more detailed to short out the problem of rates of charging depreciation and the maximum life of assets has been provided so that the Financial statement can provide a true and fair view. Additional InformationDepreciation refers to a reduction in the value of any asset over time, due in particular to wear and tear or getting old.

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