What is the meaning of "declining balance method"?

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The declining balance method is a depreciation method where a period's depreciation equals the asset's net carrying amount multiplied by a fixed percentage. This fixed percentage, also known as the depreciation rate, is usually double the straight-line rate and is applied to the asset's beginning period net book value. The book value is then reduced by the resulting depreciation expense each period. This method is called declining balance because the percentage used to calculate depreciation each year declines as the asset ages.

What Is the Meaning of "Declining Balance Method