Which of the following serves as the justification for the periodic recording of depreciation expense?
A. association of efforts (expense) with accomplishments (revenue)
B. minimization of income tax liability
C. immediate recognition of an expense
D. systematic and rational allocation of cost over the periods benefited
Answer:D
Which of the following serves as the justification for the periodic recording of depreciation expense?
A. association of efforts (expense) with accomplishments (revenue) B. minimization of income tax liability C. immediate recognition of an expense D. systematic and rational allocation of cost over the periods benefited