Accumulated depreciation and depreciation expense are classified respectively as A. Asset, contact liability B. Contra asset and expense C. Revenue asset

Q: what isAccumulated Depreciation-F&F, Accumulated Depreciation-Eqpt,, Depreciation Expense-F&F,…

A: Accumulated Depreciation - Accumulated Depreciation is the depreciation accumulated over the useful…

Q: Which of the following is a true statement about the nature of Equipment, account? Multiple Choice…

A: Equipment is a long term asset that is used to generate revenue for the business. The use of asset…

Q: hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset…

A: Prepaid expenses are those expenses which are paid in advance for future period of time and expenses…

Q: Define Depreciation expense.

A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses are those expenses which have been incurred during the period but not yet paid.…

Q: Sales of products or services are referred to as  a. Assets. b. Revenues. c. Liabilities. d.…

A:

Q: for the asset turnover ratio, which of the following best describes net assets? A. Fixed Assets +…

A: Asset turnover ratio is a measure which says that how effectively business assets are generating…

Q: eceivable (net).. ed depreciation-eguipment

A: Statement of Cash Flow statement for year ended Dec.31,20Y3…

Q: Defention of Assets, liability, current assets, current liabilities

A: Definition of Assets, liability, current assets, current liabilities are given below,

Q: distinguish between current and non-current assets, and current and non-current liabilitie

A: Any asset which is convertible in terms of cash within a time duration of one year is a current…

Q: _Accounting concept is in valuation of fixed assets

A: Option A. Historical cost concept says fixes asset is to be recorded at the amount paid to acquire…

Q: revaluation or restatement of assets and liabilitie:

A: Equity is calculated by deducting total liabilities from total assets. It can be more clearly…

Q: As the usefulness of the property and equipment asset account of an entity expires, O A liability is…

A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in…

Q: Which item would not be classified as an operating expense?     a)  Interest expense.   b)…

A: Operating Expenses Operating expenses are those expenditures that a business incurs to engage in…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: Income earned from incidental operations before an asset is put to use is: deducted from the…

A: Incidental Revenue - Incidental revenue can be earned anytime during or before the assets put to use…

Q: financial statement does depreciation expense go on

A: Depreciation expense is an estimate of wear and tear caused to a fixed asset due to its use in the…

Q: What is the term for allocation of fixed assets to expense? * O bad debts expense O depreciation…

A: Introduction: Fixed Assets: The benefits from the assets are having more than one year called as…

Q: Explain what is meant by the term “Impairment” in relation to Non-Current assets and explain its…

A: Asset is impaired if its extended future incomes are not as much as its current conveying esteem. An…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: Define each of the following terms:c. Permanent operating current assets; temporary operating…

A: It is considered as items that appear on the balance sheet that are either cash or will be cash…

Q: Property taxes, office expenses, and insurance and depreciation on nonmanufacturing assets are…

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: Which of the following is the correct calculation of book value? a. Cost - Impairment expense b.…

A: Book value (B.V) is the worth of the asset at a specified date.

Q: Define the term depreciation expense.

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Which of the following is not included in the computation of profit or loss? Interest Expense on…

A: Employee benefits It is the  consideration provided  by business  to employees  in exchange for…

Q: Depreciation expense is used to

A: Depreciation is gradual decrease in the value of asset due to normal wear and tear, obsolescence and…

Q: Depreciation is a process of: a. Asset devaluation b. Cost accumulation c. Cost allocation d.…

A: Depreciation is the process of cost allocation of an asset. It is made due to the wear and tear and…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: Which one of the following disclousures is required by generally accepted accounting principle? a.…

A: The correct option is B. Balances of major classes of depreciable assets, by nature or function.

Q: Explain the term Treatment of Depreciation Expenses?

A: Depreciation is a charge calculated on the value of fixed assets, based on normal wear and tear due…

Q: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: Which of the following are assets? (Select all that apply.) O Land Supplies Expense OWages Payable…

A: Assets are those resources that provide economic benefits. These assets help to generate revenue…

Q: ich of the following is not a capital asset? a. Equipment -b. Vehicle c. Expenses -d. Building

A: Option C is the Correct answer.

Q: Describe the two categories of accounting depreciation?

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due…

Q: To carry the value of the asset at its cost or historical value to the statement of financial…

A: The basic assumptions, rules, or conditions specifying the constraints for the working of accounting…

Q: What factors must be known or estimated in order to compute depreciation expense?

A: Definition: Depreciation: Depreciation is a decrease in the value of the fixed assets over a period…

Q: In depreciating the cost of an asset, accountants are most concerned witha. Conservatism.b.…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: Consider the following graph. According to CAPM, which of the following assets is overpriced?…

A: The securities existing below the slope of security market line represents that portfolio doesn't…

Q: normal balance of asset liability and equity

A: The balance sheet shows the financial position of the company that including the assets,…

Q: Which of the following are assets? (Select all that apply.) O Land Supplies Expense Wages Payable

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: - return on assets Is:

A: Closing income tax Payable = Opening Income tax payable + Current year expenses - Income tax paid…

Q: Which of the following could be charged to the profit and loss account as an expense? O A…

A: Profit and Loss account provides overview about all incomes and expenses of an entity for a…

Q: Explain the following terms: (a)Depreciation, (b)accumulated depreciation, (c)book value, (d)fixed…

A: Solution- a) Depreciation- Depreciation refers to an indirect and explicit cost that a company…

Q: Explain how depreciation expense satisfies the definition of an expense

A: Depreciation is the amount with which an asset’s value decreases every year. Example:- Machinery…