Final answer:
Depreciation is accurately described as an allocated cost of using a long-term asset, which is spread out over the asset's useful life. The statement is true.
Step-by-step explanation:
Depreciation can indeed be considered an allocated cost of using an asset with a life more than one year. This statement is true. Depreciation is an accounting method that allocates the cost of a tangible asset over its useful life. Through this process, companies spread the cost of an asset over the time it is in use, which helps them match expenses with revenues generated by the asset. For example, if a company purchases a vehicle for deliveries with a life expectancy of five years, the cost of the vehicle will be depreciated over those five years, reflecting its consumption and loss of value over time.