Which of the following statements is true? the straight-line method of depreciation allocates a decreasing amount of depreciation expense each year. straight-line depreciation is the least used method for financial reporting purposes. fixed assets are reported at historical cost less accumulated depreciation on the balance sheet. the total amount of depreciation over the asset’s life is larger when using an accelerated method of depreciation.

Fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.

Explanation:

In accounting, fixed assets are long term assets that are meant for sales but are used in the ordinary course of business for production of goods or rendering of services. Examples of fixed assets include land and building, plant and machinery, furniture and fittings, motor vans, and among others.

The major accounting policy for all businesses is that fixed assets must be reported n the balance sheet at their net book value (NBV), that is historical cost minus accumulated depreciation.

A historical cost is the original cost at which a fixed asset is purchased by a company.

Depreciation represents wear and tear in the value of a fixed asset due to usage or passage of time. Therefore, depreciation is a way of setting aside the cost of a fixed asset over its useful life or life expectancy. It is an indication of the amount of the fixed asset has been used by the company.

Therefore, the only statement that is true is that fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.

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