Final answer:
Recording depreciation each period is indeed an application of the expense recognition principle, which is true. This principle ensures expenses are matched with the revenues of the relevant period.
Step-by-step explanation:
The statement that recording depreciation each period is an application of the expense recognition principle is true. The expense recognition principle, also known as the matching principle, dictates that expenses should be recognized in the period in which they are incurred and matched with the revenues they help to generate. Depreciation is an accounting method used to allocate the cost of a tangible asset over its useful life. By recording depreciation each period, businesses are able to reflect the using up of the asset's economic benefits in a manner that matches it with the revenue it helps to produce during that period.