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N. K. Gupta posted an Question
April 03, 2021 • 15:52 pm
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30 points
30 points
- UGC NET
- Commerce
Explain obsolescence and dilapidation in simple and easy work.
explain obsolescence and dilapidation in simple and easy work. both are accounting team define these to the point
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Rahul
obsolescence in accounting is when - the assets are no longer being used because it can't produce value for the company (like a company vehicle that doesn't work anymore) Outmoded in style or design Technologically outmoded by newer technological innovations. A business asset is obsolete when it is taken out of service (not used) and is written off as an asset, on the company's balance sheet.. it is writee off from the profit and loss account are no longer shown in the asset side of balancesheet...
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Rucha rajesh shingvekar Best Answer
Obsolescence in the business sense is the loss in value of an asset due to loss of usefulness or technological factors; obsolescence describes an asset which is "out of date." Obsolescence is not related to the physical usefulness or workings of the asset.