Final answer:
Both declining-balance and straight-line depreciation methods result in the same total depreciation by the end of an asset's life, which is true. The difference between them is in the timing and pattern of expense recognition over the asset's useful life.
Step-by-step explanation:
The statement that both declining-balance and straight-line depreciation methods will result in the same total depreciation over the asset's service life is true. While the methods allocate the cost of an asset differently over its useful life, the total amount of depreciation recognized will be the same by the end of the asset's lifespan. The key difference lies in the timing and pattern of expense recognition. The straight-line method depreciates an asset by an equal amount each year, while the declining-balance method accelerates the depreciation in the earlier years of an asset's life and decreases it in the later years. However, both methods will converge to the same total once the asset's useful life has been fully depreciated.