Which of the following most accurately reflects the concept of depreciation as used in accounting? The proccess of charging the decline in value of an economic resource to income in the period in which the benefit occured. O The proccess of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset. OA method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording fair market value of tangible assets.
Which of the following most accurately reflects the concept of depreciation as used in accounting? The proccess of charging the decline in value of an economic resource to income in the period in which the benefit occured. O The proccess of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset. OA method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording fair market value of tangible assets.
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 4MC: Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers...
Related questions
Question
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning