Because different types of assets depreciate at different rates, and because they are purchased at various points in time businesses keep a(n) ________ to track the valuation of each asset that is being depreciated.
A) income statement
B) balance sheet
C) depreciation schedule
D) cash flow statement

Question

Quizplus · Accepted Answer

A depreciation schedule is used to track the valuation of each asset that is being depreciated as it takes into account the type of asset and the purchase date. The income statement and cash flow statement do not provide information about the value of individual assets, and while the balance sheet does provide information about assets, it does not track their depreciation over time.

Because Different Types of Assets Depreciate at Different Rates, and Because