Depreciation Concepts Listed below are concepts and terminology related to depreciation. Required: Match each concept with the related terminology. 1. The period of time over which the company anticipates deriving benefit from the use of the asset 2. The cost of the asset minus its accumulated depreciation 3. The total amount of depreciation expense that has been recorded for an asset since the asset was acquired 4. The amount of cash or trade-in consideration that the company expects to receive when an asset is retired from service 5. A process of cost allocation, not an attempt to measure the fair value of an asset Terminology: depreciation accumulated depreciation book value estimated useful life residual value
Depreciation Concepts Listed below are concepts and terminology related to depreciation. Required: Match each concept with the related terminology. 1. The period of time over which the company anticipates deriving benefit from the use of the asset 2. The cost of the asset minus its accumulated depreciation 3. The total amount of depreciation expense that has been recorded for an asset since the asset was acquired 4. The amount of cash or trade-in consideration that the company expects to receive when an asset is retired from service 5. A process of cost allocation, not an attempt to measure the fair value of an asset Terminology: depreciation accumulated depreciation book value estimated useful life residual value
Depreciation Concepts Listed below are concepts and terminology related to depreciation. Required: Match each concept with the related terminology. 1. The period of time over which the company anticipates deriving benefit from the use of the asset 2. The cost of the asset minus its accumulated depreciation 3. The total amount of depreciation expense that has been recorded for an asset since the asset was acquired 4. The amount of cash or trade-in consideration that the company expects to receive when an asset is retired from service 5. A process of cost allocation, not an attempt to measure the fair value of an asset Terminology: depreciation accumulated depreciation book value estimated useful life residual value
Listed below are concepts and terminology related to depreciation.
Required:
Match each concept with the related terminology.
1.
The period of time over which the company anticipates deriving benefit from the use of the asset
2.
The cost of the asset minus its accumulated depreciation
3.
The total amount of depreciation expense that has been recorded for an asset since the asset was acquired
4.
The amount of cash or trade-in consideration that the company expects to receive when an asset is retired from service
5.
A process of cost allocation, not an attempt to measure the fair value of an asset
Terminology:
depreciation
accumulated depreciation
book value
estimated useful life
residual value
Definition Definition Operation costing method employed to determine the value of a product at each process or stage of the production process, applicable where goods produced from a series of continuous operations or procedure. Process costing is employed by businesses that manufacture goods and where production is in repetitive inflow.
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