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I am a commerce student. This question is my biggest query. Please sought out it.
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The major difference between Depreciation on Asset and Impairment of Asset is that Depreciation is a non-cash expense that is used to reduce the value of an asset over time due to normal wear and tear, while Impairment is a permanent reduction in the value of an asset due to external factors such as damage, obsolescence, or market changes. Depreciation is a normal business expense and does not require an impairment test, while Impairment is an accounting entry that must be tested for and measured before an impairment loss is recognized.

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Depreciation of assets in the allocation of assets whose value is placed on the balance sheet. It is a kind of tangible asset that may incur a cost.

While Impairment of assets in the assets of a company whose value in the market is less than the actual price entered in the balance sheet. They are usually long-term assets. The longer the span the greater the impairment.image

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Depreciation of assets is the wear and tear overtime of physical goods and structure of a company or an organization.Assets can fixed assets which includes machineries,eequipments,fixtures and fittings,motor vans etc.Depreciation cost can be allotted yearly to a business revenue over a period of time till it gets to the last year with a zero all this is so done so that that asset can be acquired swiftly in later years.
While on the other hand impairement of assets is an asset that it's price in the balance sheet is higher than the present market value of it. This happens when the amount of the asset can't be recovers. This is to say that the amount of future cash flow from an asset is less in value than what is being recorded in the balance sheet.
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*Depreciation on assets- These assets are those which is held by an enterprise for use in the production or supply of goods and services it is expected to be used during more than one accounting period.

*Impairment of assets- Impaired assets are those assets on the companies balance sheet whose carrying value of the assets on the books exceeds the market value.

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Depreciation refers to how your acquired property loses it's value over a period of time. And how that change makes your business a loss over a time. And so you get to deduct some sort of taxes per year on that amount. 

In case of the asset impairment refers to the property which gives you better return over a period of holding it. Think of land, shares in the company. Such type of things give you more returns over a period of time. 
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The term depreciation is the decreased value of the assets that happened during the years of usage. The impairment of items is not to be fixed but still, the value will be lessened with the years of existence.
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Depreciation of an asset refers to the process in which the assets reduces it value over time due to certain factors like obsolescence  and wear and tear.

On the other hand impairment refers to a situation where the asset becomes unusable  due to faultness
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Depreciation on an asset is a systematic and rational allocation of the cost of an asset over its useful life. It is a non-cash expense that reduces the value of an asset on the balance sheet. Impairment of an asset is an accounting principle that occurs when the carrying value of an asset exceeds its recoverable amount. It is a permanent, one-time write-down of an asset's value caused by external factors such as obsolescence or a decline in the asset's market value.
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The major difference between "Depreciation on Asset" and "Inhibitory effect" is that "Depreciation on Asset" is a method of discussing a property's useful life, while "Inhibitory effect" is a technological effect that increases the life of an asset.
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Depreciation and impairment are both accounting methods used to reduce the value of assets, but they are different in nature.

Depreciation is a systematic allocation of the cost of an asset over its useful life. It is a non-cash expense that is used to account for the wear and tear of an asset over time. Depreciation reduces the carrying value of the asset on the balance sheet, and it is used to calculate the book value of the asset.

Impairment, on the other hand, is a reduction in the value of an asset because it has become less valuable than its carrying amount. This can happen for a number of reasons, including changes in market conditions, legal or regulatory changes, or physical damage to the asset. Impairment is a write-down of the carrying value of the asset on the balance sheet and is recognized as a loss on the income statement.

In summary, depreciation is a method of allocating the cost of an asset over time, while impairment is a recognition that the asset has lost value due to some external factor or circumstance.
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