Depreciation is . . . . . . . . expenditure.

The correct answer is: A. fixed.

Depreciation is a non-cash expense that is used to account for the decline in the value of an asset over time. It is a fixed expense because it is not affected by the level of production or sales.

The other options are incorrect because:

• Variable expenses are expenses that vary in proportion to the level of production or sales.
• Adjustable expenses are expenses that can be changed in the short term.
• Semi-variable expenses are expenses that have both fixed and variable components.