Examlex
Which of the following statements is true?
Depreciation Expense
The allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value of the asset.
Amortization Expense
The gradual charging to expense of an intangible asset's cost over its useful life.
Flood Loss
Financial damage incurred due to flooding, which can affect individuals, businesses, and properties, often requiring specific insurance coverage.
Unusual Loss
Losses that are uncommon in occurrence and not expected to recur in the foreseeable future, significantly impacting financial statements.
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