Match each term to its corresponding definition. To answer, move each term from the list on the right to its definition on the left. Note: You will receive partial credit for each correct selection. (Drag and drop values from the "Answer Choices" area to the corresponding correct cells) The time period over which an asset is depreciated The allocation of the cost of an asset over its expected useful life A contra-asset account that summarizes the amount of depreciation that has been taken on an asset ANSWER CHOICES ANSWER CHOICES For each statement about liabilities, select True or False. Note: You will receive partial credit for each correct selection. (Drag and drop a tile on the left under the correct category) DRAG DROP VALUES A liability is any future financial obligation of the business to an outside entity. The owners of a business have the sole claim to the business assets if the business has no liabilities. A business creates a liability when it purchases equipment using its own cash. True