Asked by Mariam Jaser on May 30, 2024
Verified
Allocating and recording the cost of using property, plant & equipment over its useful life is called
A) allocation expense.
B) depreciation expense.
C) a general expense.
D) amortization expense.
Depreciation Expense
The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, obsolescence, or decline in value.
Amortization Expense
The process of allocating the cost of an intangible asset over its useful life for accounting and tax purposes.
- Distinguish the types and classification of costs, expenses, debts, and obligations.
Verified Answer
DD
Danielle DobsonJun 06, 2024
Final Answer :
B
Explanation :
Depreciation expense is the correct term for allocating and recording the cost of using property, plant, and equipment over its useful life.
Learning Objectives
- Distinguish the types and classification of costs, expenses, debts, and obligations.