Match the descriptions with their terms :
-Cost less accumulated depreciation
A) Accounting period concept
B) Cash basis
C) Revenue recognition principle
D) Prepaid expenses
E) Matching principle
F) Accrued revenues
G) Depreciation
H) Post-closing trial balance
I) Accrued expenses
J) Carrying amount

Question

Quizplus · Accepted Answer

The carrying amount, also known as book value, is the cost of an asset less any accumulated depreciation. This term directly relates to how assets are valued on the balance sheet after accounting for depreciation over time.

Match the Descriptions with Their Terms