Depreciation Is an Accounting Procedure Used for Intangible Assets

question 5

True/False

Depreciation is an accounting procedure used for intangible assets.

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Definitions:

Modified Accrual Accounting

An accounting method that recognizes revenues when they become available and measurable and expenses when they are incurred, used often by government entities.

Revenue Recognition

An accounting principle that determines the specific conditions under which income becomes realized or realizable, and thus recognized as revenue.

Property Taxes

Taxes levied by local governments based on the assessed value of real property.