Which statements about depreciation are correct?
1 It is an application of the matching concept.
2 It provides funds for the replacement of a non-current asset.
3 It spreads the cost of a non-current asset over its useful life.
1 )
1, 2 and 3
2 )
1 and 2 only
1 and 3 only
4 )
2 and 3 only
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