What are the three common methods of depreciation?

Detailed Explanation

The three commonly used depreciation methods are: 1. Straight-Line Method: Allocates an equal amount of depreciation over each period of the asset's useful life. 2. Written Down Value or Diminishing Balance Method: Calculates depreciation on the asset's opening carrying amount. 3. Units of Production Method: Calculates depreciation based on actual usage or production. The selected method should reflect the expected pattern of consumption of the asset's economic benefits.