A reduction in the value of an asset over time, due in particular to wear and tear.
Usage examples:
Provision should be made for depreciation of fixed assets
noun
The amount by which something, such as a piece of equipment, is reduced in value in a company's financial accounts, over the period of time it has been in use. the loss in value reduces a company's profits, and the amount of tax it must pay
Usage examples:
Accelerated depreciation, expenses include depreciation of equipment as well as business insurance.…