Match the following terms with the appropriate definition.
-The process of allocating the costs of long-term assets to the income statement over their expected useful lives.
A)Accrued revenues
B)Expense recognition (matching) principle
C)Cash basis accounting
D)Depreciation
E)Accrual basis accounting
F)Interim financial statements
G)Straight-line depreciation
H)Time period assumption
I)Fiscal year

Question

Quizplus · Accepted Answer

Depreciation is the process of allocating the costs of long-term assets to the income statement over their expected useful lives.

Match the Following Terms with the Appropriate Definition