Recording depreciation each period is necessary in accordance with the Select one: a. going concern principle. b. expense recognition principle. c. historical cost principle. d. asset valuation principle.

Recording depreciation each period is necessary in accordance with the Select one: a. going concern principle. b. expense recognition principle. c. historical cost principle. d. asset valuation principle.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 31BE: Depreciation Concepts Listed below are concepts and terminology related to depreciation. Required:...

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Recording depreciation each period is necessary in accordance with the
Select one:
a. going concern principle.
b. expense recognition principle.
c. historical cost principle.
d. asset valuation principle.

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Which of the following concepts is not related to depreciation? Select one: a. Historical cost concept b. Accrual concept c. Going concern concept d. Matching concept
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Which one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by management
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