Final answer:
The total depreciation expense over the life of an asset is the same regardless of whether the accelerated method or the straight-line method is used. The main difference between the methods is the timing and pattern of expense recognition.
Step-by-step explanation:
The statement, "Over the life of an asset subject to depreciation, the accelerated method will result in more Depreciation Expense in total than the total Depreciation Expense using the straight-line method," is false. Regardless of the depreciation method used, the total depreciation expense over the life of an asset will be the same. The difference lies in the timing of the depreciation expense recognition. The accelerated depreciation method, such as the double-declining balance method, records higher depreciation expenses in the earlier years of an asset's life and lower expenses in the latter years. Conversely, the straight-line method spreads the expense evenly over the asset's useful life. The main answer is that the accelerated method does not result in a higher total depreciation expense; it just accelerates the expense recognition.While the timing affects the financial statements in different periods, the total amount allocated as expense over the asset's life remains unchanged. The explanation is that depreciation is a systematic allocation of the cost of an asset over its useful life, and the total allocation does not change with the method used. This concept is essential in understanding how depreciation methods affect financial reporting and tax implications but does not change the total cost recognized.In conclusion, the total depreciation expense will be the same whether an accelerated method or the straight-line method is used. The choice of method affects the pattern of expense recognition, not the cumulative amount depreciated.