Multiple Choice
Which of the following statements is true regarding depreciation?
A) Depreciation is a valuation concept; that is, we allocate costs to reflect the actual change in the value of the asset.
B) Depreciation allocates the cost of a long-lived asset to the accounting periods over which it is used.
C) Depreciation expense will typically will be shown on the statement of financial position.
D) Accumulated depreciation has a normal debit balance.
Correct Answer:
Verified
Correct Answer:
Verified
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