Chapter 17, Problem 1CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

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

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 _____.”

Answer

**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

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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