Plant assets are long-lived tangible assets used in the operation of a business. The allocation of a plant asset's cost to expense is which of the following?
A) The revenue principle
B) Revenue allocation
C) Depreciation
D) Historical cost

Question

Quizplus · Accepted Answer

Depreciation is the process of allocating the cost of a plant asset over its useful life, reflecting the expense of using the asset in operations.

Plant Assets Are Long-Lived Tangible Assets Used in the Operation