The Importance of Depreciation, Impairment, and Disposition from a Business Perspective All of the following statements about depreciation accounting are true EXCEPT one. Identify that one. Select answer from the options below Depreciation lowers the carrying amount of the asset as it ages so it equals its fair value. Depreciation is a process of cost allocation. Depreciation recognizes expenses over the periods that benefit from the asset's use. Depreciation is an estimated amount.

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The detailed answer for the above question is provided below The INCORRECT statement is Depreciation ... View the full answer