Match each statement to the item listed below
-Refers to the process of assigning the cost of an asset such as a building to expense over the asset's useful life

Question

Quizplus · Accepted Answer

Depreciation refers to the process of assigning the cost of an asset such as a building to expense over the asset's useful life.

Answer: G
 The matching principle requires that expenses be matched with the revenues they helped to generate during the same accounting period.

Answer: F
 Depreciation refers to the process of assigning the cost of an asset such as a building to expense over the asset's useful life.

(Note: There are multiple correct answers for this question as each statement matches with a different listed item. However, the question asks for the "best choice(s)" which implies choosing the most applicable and relevant match. Therefore, F and G are the best choices.)

Match Each Statement to the Item Listed Below