Question 3 1 pts Depreciation is meant to spread the cost of the expenditure over the useful life of the item. The reason for depreciation is based on which of the following ideas? It is another way for accountants to cook the books." Revenue needs to be matched as closely as possible with the costs of our products and services. It is impossible to determine the useful life of a product or service. Finance is more of an art than a science. Question 4 1 pts The portion of a revenue or expense item that is recorded in a particular time span is called O estimates O assumptions O accruals allocations Question 5 What is the bottom line of an Income Statement called? O operating profit O net profit O gross profit Question 6 When should revenue or sales be recognized? O when a product or service is delivered le when the invoice is sent out when a contract is signed when the bill is paid