Give economic term : Wear and tear of capital assets, due to their use in the process of production.
Q.1 (A) (iii) Give economic term : Wear and tear of capital assets, due to their use in the process of production.
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Answer: Depreciation
The loss in the value of fixed capital (machines, buildings) due to normal wear and tear and obsolescence in the process of production is called depreciation (capital consumption allowance). It is deducted from GNP to get NNP.
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· 28 Oct 2026
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