It is False that Depreciation is a process of asset valuation, not cost allocation.
<h3>Depreciation</h3>
1). Depreciation is not a process of asset valuation; it is the process of cost allocation; as depreciation allocates the total acquisition cost of the asset to the useful life, it is not related to the asset's actual value. So, the correct statement is, "Depreciation is a process of cost allocation, not asset valuation."
<h3> Recording of expenses</h3>
2). It is a true statement because depreciation calculates the consumption of an asset for generating revenues in a period, so it provides proper matching of expenses with revenues.
3). It is False that the book value of a plant asset should approximate its fair value.
The book value of a plant asset depends on its historical cost, so it should not be approximate to its fair value. Plant assets need to be recorded at the historical cost. So, the correct statement is that the book value of the plant asset is the adjusted historical cost.
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