Chapter 7, Problem 7.12P

No ai Depreciation Expense is shown on the income statement in order to achieve accounting's matching principle. True False

no aiOne company might depreciate a new computer over three years while another company might depreciate the same model computer over five years...and both companies are right. True False

no ai   An asset's useful life is the same as its physical life? True False

no ai  Depreciation Expense reflects an allocation of an asset's original cost rather than an allocation based on the economic value that is being consumed. True False

The purpose of depreciation is to have the balance sheet report the current value of an asset. True False

Depreciation Expense shown on a company's income statement must be the same amount as the depreciation expense on the company's income tax return. True False

Dont use AI  Give soln.

No ai. need ans

No AI Answer