Question
Depreciation is charged on fixed assets to comply with
which of the following accounting principle?Solution
The Matching Principle states that expenses should be recognized in the same period as the revenues they helped to generate. In the case of fixed assets, they are acquired to help generate revenue over a period of time. Thus, their cost should be allocated as an expense over their useful life, rather than being recognized as a one-time expense in the period of purchase.
What is the purpose of the `
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