Final answer:
The correct statement about depreciation is that it is a loss in value from any cause. Depreciation applies to tangible assets over their useful lives, not personal residences, and land is not depreciable.
Step-by-step explanation:
The question asks which statement is correct regarding depreciation. The statement that is correct is: Depreciation is a loss in value from any cause. Depreciation refers to an accounting method used to allocate the cost of tangible assets over their useful lives. Homeowners cannot depreciate their personal residences for tax purposes as those are considered personal assets rather than income-generating assets. Depreciation does not occur on land, as land does not typically diminish in value over time and is not depreciable. Lastly, 'accrued depreciation' refers to the total amount of depreciation that has been recorded over time, not something that will occur in the future.