UK Accounting Glossary
A diminution in the value to an organisation of a fixed asset due to the use and damage that it sustains through it’s working life.
Wear And Tear is a diminution in the value to an organisation of a fixed asset, due to the use and damage that it inevitably sustains through the course of it’s working life.
It is one cause of depreciation.
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This glossary post was last updated: 4th May 2019.