Expense should be recorded to recognize the cost of using long-lived assets, such as equipment, during the accounting period. (Enter one word per blank.)

The word you're looking for to fill in the blank is "depreciation."

Explanation: Depreciation is the accounting method used to allocate the cost of a tangible asset over its useful life. Since long-lived assets like equipment provide benefits over several years, it is crucial to recognize the expense associated with their usage gradually rather than all at once. This approach aligns with the matching principle in accounting, which states that expenses should be recorded in the same period as the revenues they help to generate. By depreciating the equipment, businesses can effectively spread out the expense over its useful life, ensuring that the financial statements reflect a more accurate financial position.