Adjusting entries that are made to recognize depreciation over the period are called
A)corrections.
B)estimates.
C)deferrals.
D)accruals.
E)revaluations.

Name: Adjusting entries that are made to recognize depreciation over the period are called A)corrections. B)estimates. C)deferrals. D)accruals. E)revaluations.
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Question

Quizplus · Accepted Answer

Depreciation is an estimate of the reduction in value of an asset over time, and adjusting entries for depreciation are made to allocate the cost of the asset over its useful life.

Adjusting Entries That Are Made to Recognize Depreciation Over the Period