oring Enabled: Exam $2($Modules $6-8)$

$8$

Which of the following statements accurately describes depreciation?

I. Depreciation is used to track the fair market value of the asset.

II$.$ The book value of an asset is its original cost less accumulated depreciation.

III. Depreciation is used to allocate the cost of the asset over periods benefited.

Multiple Choice

II and III

I and II

I and III

All of these statements are correct.