State the three types of depreciation

Answer 1

1. Straight-line depreciation: In this method, the asset's value is depreciated by the same amount each year over its useful life.
2. Double-declining balance depreciation: This method accelerates the depreciation of an asset, so more depreciation is taken in the early years of an asset's life.
3. Units of production depreciation: This method involves depreciating an asset based on the number of units it produces or the number of hours it is used.