Recording Depreciation Expense Is Necessary to Allocate the Cost of an Asset

question 126

True/False

Recording depreciation expense is necessary to allocate the cost of an asset over its expected useful life.

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Definitions:

Sole Proprietorship

An organizational model in which a sole proprietor is in charge of owning, operating, and bearing all responsibilities for the enterprise.

Articles Of Incorporation

Legal documents filed with the state government to legally document the creation of a corporation.

Paralegal

A legal assistant who performs tasks such as researching, preparing documents, and other support functions under the supervision of an attorney.

Corporate Name

The legal name under which a corporation is registered to conduct business, distinguishable from any other registered entity.