Which of the following terms is used to identify the process of expense recognition for buildings and equipment?
A) Amortization
B) Depletion
C) Depreciation
D) Revision

Question

Quizplus · Accepted Answer

Depreciation is the process of recognizing the expense of tangible assets, such as buildings and equipment, over their useful lives. Amortization is used for intangible assets, while depletion is primarily used for natural resources. Revision is not a term specifically used in accounting for expense recognition.

Which of the Following Terms Is Used to Identify the Process