The Cost of an Intangible Asset Is Systematically Allocated to Depreciation

question 137

True/False

The cost of an intangible asset is systematically allocated to depreciation expense over its estimated useful life.

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Definitions:

Necessary

Essential or needed to achieve a certain result or outcome.

Supremacy Clause

A provision in the U.S. Constitution declaring that federal law prevails over state law when there is a conflict between them.

Federal System

A system of government in which power is divided between a central authority and constituent political units (such as states or provinces), allowing for a balance of power.

Uniform Social Services

Social welfare and public services that are standardized and equally accessible to all members of a community or country.