The Periodic Expense Created by Allocating the Cost of Plant

question 49

Multiple Choice

The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used,representing the expense of using the assets,is called:

• A)Accumulated depreciation.
• B)A contra account.
• C)The expense recognition (matching)principle.
• D)Depreciation expense.
• E)An accrued account.

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Definitions:

Sacred Church

A religious institution considered holy or divine by its followers.

Interest Earned

Revenue generated from interest-bearing accounts or investments, reflecting the amount of interest income accumulated over a period.

Bonds

Fixed-income securities that represent a loan made by an investor to a borrower, typically corporate or governmental, which includes terms for interest payments and the return of principal at maturity.

Journal Entry

A record that represents the business transactions in the accounting books, involving at least one debit and one credit.