# The decrease in value from the original cost of a long-term asset over its useful life is known as ______. (17-1) ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447 ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

#### Solutions

Chapter 17, Problem 1CR
Textbook Problem

## The decrease in value from the original cost of a long-term asset over its useful life is known as ______. (17-1)

Expert Solution
To determine

To fill: The blank in the statement “The decrease in value from the original cost of a long-term asset over its useful life is known as _____.”

Solution:

The complete statement is “The decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

### Explanation of Solution

The usefulness and productivity of an asset decreases over a certain time.

As a result, the cost of the assets except land decreases as time goes on and coincide with the revenue earned by the asset.

This decrease in value from the original value of an asset over its useful life is known as depreciation or depreciation expense.

Therefore, the complete statement is “the decrease in value from the original cost of a long-term asset over its useful life is known as depreciation or depreciation expense.”

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