Recording depreciation each period is necessary in accordance with the
A) going concern principle.
B) historical cost principle.
C) expense recognition principle.
D) asset valuation principle.

Question

Quizplus · Accepted Answer

The expense recognition principle requires that expenses be recorded when they are incurred, which includes the use of long-term assets over their useful life. Depreciation is the systematic allocation of the cost of an asset over its useful life, and is therefore necessary to properly recognize the expense of the asset's use over time.

Recording Depreciation Each Period Is Necessary in Accordance with the