Are the following statements TRUE or FALSE? Explain your answer fully.

Depreciation is the amount necessary to reduce the asset to its net realisable value at the year end.

Depreciation is the assessment of the amount of an assef used up in generating revenue for a period.

The amount of depreciation charged by two businesses using an identical asset will be the same.

Motor vehicles are always depreciated using the reducing balance method and buildings using the straight line method.

The straight line method of depreciation allocates an equal charge for depreciation to each period of use.

If depreciation is omitted from the accounts, profit for the year will be overstated.