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Accounting is not as precise and objective as it is sometimes portrayed as being. There are areas where subjective judgement required. What judgements must be made to calculate a
depreciation expense for a period? (word count 100)
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- Accounting is not as precise and objective as it is sometimes portrayed as being. There are areas where subjective judgement required. What judgements must be made to calculate a depreciation expense for a period?If depreciation expense is not recorded how would that affect financial statements and decision-makers?How can the quality of financial statements be compromised? Discuss fully and explain, giving a numerical example, how the choice of a depreciation method can influence the accuracy of reportable earnings.
- Which one of the following statements is true? a. Financial statement readers cannot determine whether the depreciation method used by a company is appropriate. b. Financial statement readers can determine the useful lives of assets depreciated during the reported period. c. Financial statement readers cannot determine the depreciation expense for the reported period d. Financial statement readers can accurately estimate the effect an alternative depreciation method would have on income.When do we apply depletion in accounting? Discuss its use. What is the difference between depreciation and impairment?How does the concept of depreciation work in accounting, and what methods are commonly used to calculate and record depreciation expenses?
- As generally used in accounting, what is depreciation? a. It is an accounting process which systematically allocates long-lived assets cost to accounting periodsb. It applies only to long-term lived intangible assetsc. It is a process of asset valuationd. It is used to indicate a decline in market value of a long-term lived assetWhat is the difference between Accumulated Depreciation and Depreciation expense? What statements do both appear on? What account are they on? Do they have a DR or CR balance?Why there is different depreciation method in accounting. Explain it by giving example about each method. ( 2- There are different receivable write off methods. Explain the differences between each method by given and example. 3- Explain the importance of capitalization on depreciation expenses by given an example. plagiarism not allowed
- Which of the following statements is most likely to be correct? Bad debts recovered account, if having an income tax benefit, is transferred to profit or loss summary account. A trial balance establishes the arithmetical accuracy of the accounting records. A well-maintained asset need not be depreciated. Drawing of goods by the owner should be debited to profit or loss summary account.Depreciation is considered as accounting policy and operational expense for the accounting period. The value to be included in the financial statement is calculated based on the decision of the Board. Under what circumstances will you consider the reducing balance method as the most appropriate method in calculating depreciation?Which statement about depreciation is false?a. A major objective of depreciation accounting is to allocate the cost of using an assetagainst the revenues it helps to generate.b. Depreciation should not be recorded in years in which the market value of the asset hasincreased.c. Obsolescence as well as physical wear and tear should be considered when determiningthe period over which an asset should be depreciated.d. Depreciation is a process of allocating the cost of an asset to expense over its usefullife.
