Depreciation is an expense that gradually reduces the value of an asset over its useful life.

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This is true. Depreciation is a method of allocating the cost of an asset over its useful life, reflecting the wear and tear, obsolescence, or other declines in value that occur over time. It is recognized as an expense in the accounting statements, reducing the asset's book value and reflecting its current value on the balance sheet.

Depreciation Is an Expense That Gradually Reduces the Value of an Asset