Depreciation Is Required Because It Is Generally Accepted That

question 3

Multiple Choice

Depreciation is required because it is generally accepted that:

• A) Assets will decrease in value over time.
• B) The economic benefits of an asset will not last indefinitely.
• C) Wear and tear on an asset must be recorded as an expense.
• D) Even though land may go up in value its cost needs to be recognised as an expense.
• E) None of the given answers.

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Definitions:

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Administrative Agencies

Government bodies responsible for the oversight and administration of specific functions, such as regulation or enforcement of laws and policies.

Spoils System

A practice where a political party, after winning an election, gives government jobs to its supporters as a reward and incentive for working toward victory.

Central Mission

The primary goal or purpose that an organization or policy aims to achieve.