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Which of the following statements about depreciation is correct? Depreciation provides for the proper recording of expenses efforts) with revenues (results). Depreciation does not apply to a building because its usefulness and revenue-producing ability generally remain intact over time. Depreciation is a process of asset valuation, not cost allocation. The book value of an asset should approximate its fair value. QUESTION 4 Bonds that are issued on the general creditworthiness of the issuer (no collateral is required) are called: secured bonds convertible bonds callable bonds debentures or unsecured bonds