What is Depreciation and methods of depreciation

What is Depreciation:-

Depreciation is a Process of allocating costs of an asset over its useful life. 

Methods of Depreciation: - There are several methods of Depreciation

i)                    Straight Line Method (SLM)

ii)                  Reducing Balance Method

iii)                Double Declining Method(DDB)

iv)                Sum of the Year Digit Method (SYD)

v)                  Modified Accelerated Cost Recovery System (MACRS).