Asked by
Jimmy Carter
on Nov 15, 2024
Verified
Depreciation is the cost of certain long-lived assets allocated to expense for each period.
Long-Lived Assets
Assets with a useful life extending beyond one year, used in the operation of a business, such as equipment or buildings.
Allocated To Expense
A method of assigning or distributing costs among various accounts or periods as expenses.
- Gain insights into the principles of assets, liabilities, and shareholders' equity, and their relevance to accounting methodologies.
- Understand the parts of financial statements and their relevance to the functioning of businesses.
Verified Answer
KP
Learning Objectives
- Gain insights into the principles of assets, liabilities, and shareholders' equity, and their relevance to accounting methodologies.
- Understand the parts of financial statements and their relevance to the functioning of businesses.
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