In accounting, depreciation is a method of allocating the cost of a(n): (a) Long-term asset (b) Revenue (c) Current liability (d) Short-term investment ?
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- Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.Describe the relationship between expense recognition and long-term assets.The amortization process is like what other process? A. depreciation B. valuation C. recognizing revenue D. capitalization
- Q. What are the effects of depreciation on the profit and loss account and balance sheet?Describe accounting for depreciation of fixed assets?Depreciation can be defined as the measure of cost or revalued amount of economic benefits of a tangible fixed asset that has been consumed during a period. State the principle or conventions that support depreciation and indicates the different measures of this cost (depreciation) as an expense, and assess each measures’ input on Income Statement and the Balance Sheet.
