Depreciation
A)is calculated by the department that uses the fixed asset
B)allocates the cost of the asset over its useful life
C)is recorded weekly
D)results in book value approximating fair market value

Question

Quizplus · Accepted Answer

Depreciation is the process of allocating the cost of the asset over its useful life. It is not calculated by the department that uses the fixed asset, nor is it recorded weekly. However, depreciation does result in the book value of the asset approximating its fair market value over time.