Please answer questions correctly Question 3: Which of these is not an estimate used to determine depreciation expense?Answer:A.B.C.D.CostO Salvage valueOUseful lifeO Residual value Question 2: What is an accelerated depreciation method?Answer:A.B.C.D.OA method that leads to depreciation during years one and two onlyA method that is calculated more easily than other methodsOA method that leads to more depreciation over the life of the asset than would otherwise be recordedO A method that leads to more depreciation during the early years of an asset's useful life than in the later years

Name: Please answer questions correctly Question 3: Which of these is not an
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Please answer questions correctly Question 3: Which of these is not an estimate used to determine depreciation expense?Answer:A.B.C.D.CostO Salvage valueOUseful lifeO Residual value Question 2: What is an accelerated depreciation method?Answer:A.B.C.

Depreciation is of revenue nature.It is needed to be charged on asset over life of the asset.It is…

Answered: Question 3: Which of these is not an…

Business

Accounting

Question 3: Which of these is not an estimate used to determine depreciation expense? Answer: A. B. C. D. Cost O Salvage value O Useful life O Residual value

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8MC: An accelerated depreciation method that takes more expense in the first few years of the assets life...

See similar textbooks

Similar questions

An accelerated depreciation method that takes more expense in the first few years of the assets life is ________. A. units-of-production depreciation B. double-declining-balance depreciation C. accumulated depreciation D. straight-line depreciation
The straight-line method of depreciation allocates the cost of an asset more rapidly than the sum-of-the-years-digits method.
Which of the following is not true about the MACRS depreciation system: A salvage value must be determined before depreciation percentages are applied to depreciable real estate. Residential rental buildings are depreciated over 27.5 years straight-line. Commercial real estate buildings are depreciated over 39 years straight-line. No matter when during the month depreciable real estate is purchased, it is considered to have been placed in service at mid-month for MACRS depreciation purposes.
Use the information in Problem A-1 to solve this problem. Required Prepare a schedule of depreciation using the double-declining-balance method. PROBLEM A-1 A delivery van was bought for 18,000. The estimated life of the van is four years. The trade-in value at the end of four years is estimated to be 2,000. Check Figure Year 2 depreciation, 4,500
Question: Which method of depreciation results in a higher depreciation expense in the early years of an asset's life, making it more suitable for assets that rapidly lose their value? A) Straight-Line Depreciation B) Declining Balance Depreciation C) Units-of-Production Depreciation D) Sum-of-the-Years'-Digits Depreciation
3-Which method of depreciation considers that the asset has greater service potential in the earlier years a. Diminishing balance method b. Units of production method c. Straight line method d. Fixed depreciation method
Question: In calculating depreciation, the number of years of useful life of the asset is:1. an estimate.2. based on the cost of the asset.3. the estimated time period before repairs or maintenance will be required.4. known with certainty.
Which of the following is considered when depreciating an asset under the cost model? The cost of the asset. The change in the fair value of the asset. The useful life of the asset. Both a and b. Which of the following depreciation methods will most likely result in the highest amount of reported profit in the early years of an asset’s useful life? Straight line 150% declining balance Double declining balance Sum-of-the-years’ digits The most commonly used depreciation method is the straight-line method. replacement method. depreciation method based on revenue. inventory method.
Place T or F in front of each of the following statements. 1. The straight-line method of depreciation is based on the assumption that depreciation expense can be regarded as a constant function of time. 2. Plant assets should be written down (below cost) when their market value has declined temporarily. 3. The accounting profession has developed specifically recommended procedures for recording appraisal increases with respect to plant assets. 4. An asset's cost minus its accumulated depreciation equals its book value. 5. The sum-of-the-years'-digits method of depreciation ignores salvage value in the computation of an asset's depreciable base. 6. When using the double-declining balance method of determining depreciation, a declining percentage is applied to a constant book value. 7. The book value of plant assets initially declines more rapidly under decreasing-charge methods than under the straight-line method. 8. Accounting depreciation is computed by…
Which of the following best describes an accelerated depreciation method? A. A method by which an equal amount of expense is assigned for every full year of use. B. A method by which depreciation is based on the level of actual usage rather than the passage of time. C. A method of determining depreciation which assigns larger expenses to the initial years of an asset’s service and smaller expenses to the later years. D. A method of allocating the cost of a wasting asset to expense over the periods during which the value is removed from the property.
26. haracteristics of Depreciation Methods In each dropdown below is a list of common depreciation methods and characteristics related to depreciation. Required: Select one or more of the depreciation methods with each characteristic. 1. Results in depreciation expense that decreases over the life of the asset 2. Results in depreciation expense that increases over the life of the asset 3. Allocates the same amount of cost to each period of a depreciable asset's life 4. Calculated by multiplying a constant depreciation rate by depreciable cost 5. Calculated by applying a constant depreciation rate to the asset's book value at the beginning of the period 6. Results in lowest income tax expense in early years of the asset's life 7. Consistent with the matching process Options: Straight-line depreciation method Declining balance depreciation method Units-of-production depreciation method when actual units produced increases over the life of the asset All of these…
Which of the following depreciation methods will result in the most depreciation expense over the life of an asset? Select one: a. Double-declining balance method b. All three methods will result in the same amount of depreciation expense. c. Units-of-production method d. Straight-line method e. Cannot be determined from the information given.