The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Question

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Answer 1

Question

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

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Answer 2

Question

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

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Answer 3

Question

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Answer 6

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Answer 7

Chapter 17, Problem 1CR

To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Answer 8

Expert Solution & Answer

Answer to Problem 1CR

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

Answer 12

Ch. 17.I - Wild Flour Bakery purchased a new bread oven for...Ch. 17.I - Prob. 2TIE Ch. 17.I - Prob. 3TIE Ch. 17.I - Prestige Limousine Sen ice purchased a limousine...Ch. 17.I - Prob. 1RE Ch. 17.I - Prob. 2RE Ch. 17.I - Prob. 3RE Ch. 17.I - Prob. 4RE Ch. 17.I - Prob. 5RE Ch. 17.I - Prob. 6RE

The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

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To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Answer to Problem 1CR

Explanation of Solution

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