Yes
Depreciation is the written off amount in the cost of an asset over such asset's useful life. Let's break down this statement in detail:

What is Depreciation?
Depreciation is the accounting process of allocating the cost of tangible assets over their useful life. It represents the decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors.

How is Depreciation Calculated?
Depreciation can be calculated using various methods such as straight-line depreciation, double declining balance method, units of production method, etc. Each method has its own set of rules and considerations.

Importance of Depreciation
Depreciation is important for businesses as it helps in matching the cost of an asset with the revenue it generates. By spreading the cost of an asset over its useful life, depreciation helps in accurately determining the profitability of a business.

Impact on Financial Statements
Depreciation expense is recorded on the income statement, reducing the net income of a company. It is also reflected on the balance sheet as accumulated depreciation, which reduces the carrying value of the asset.
In conclusion, depreciation is indeed the written off amount in the cost of an asset over its useful life. It is a crucial concept in accounting that helps businesses accurately reflect the value of their assets and determine their true profitability.