The expiration of usefulness of equipment during an accounting period is called depreciation.

Name: The expiration of usefulness of equipment during an accounting period is called depreciation.
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Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors. It is systematically allocated as an expense over the useful life of the asset in order to accurately reflect its decreasing value in the company's financial statements.

The Expiration of Usefulness of Equipment During an Accounting Period