The accounting treatment for depreciation expense in the balance sheet will be: a. Added to the corresponding long term liability b. Added to the corresponding non-current asset c. Deducted from the corresponding long term liability d. Deducted from the corresponding non-current asset

Q: accounting treatment for depreciation expense in the balance sheet

A: Depreciation expense is the part of cost of fixed asset written off in each financial year. This is…

Q: The following are the typical classifications used in a balance sheet:           a. Current assets…

A: Balance sheet shows the financial position of the organisation and it has three sections assets,…

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: 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: Accumulated depreciation is:     The depreciation expense recorded on an asset to date.     The…

A: Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its…

Q: a) Calculate total accumulative depreciation of each asset until the sold Hint: Review Class 15…

A: a) Assets Purchased Date Cost Sold Date Useful Life An asset in use(in years) Depreciation Year…

Q: After the disposal of an asset, the balance in the Accumulated Depreciation account related to that…

A: Depreciation are required to be charged by the business entities so as to shown the assets in the…

Q: Which of the following depreciation methods applies a uniform depreciation rate each period to an…

A: The depreciation expense is the reduction in the value of assets due to the use of that asset or…

Q: The journal entry to record depreciation expense is: O A. debit the asset account, credit…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

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: Assets that are NOT expected to provide benefits for a number of accounting periods are called…

A: Solution: Assets that are NOT expected to provide benefits for a number of accounting periods are…

Q: Assets classified as property, plant, and equipment are reported at a. each asset’s estimated…

A: Property, plant, and equipment are Fixed Assets of the Company which are used to Provide the Sale of…

Q: What is the purpose of charging depreciation in financial statements? A To allocate the cost of a…

A: Depreciation refers to a process of allocating the cost of the assets over their useful life. While…

Q: Which of the following statements related to long-lived assets is true?     Depreciation is…

A: Depreciation : Depreciation is an accounting method of allocating the cost of a tangible or…

Q: Initial operating loss related to Property, Plant and Equipment should be A. Capitalized as part of…

A: Answer:-  Operating loss:- If a company's operational expenditures surpass its gross earnings, the…

Q: Which of the following is a valid statement regarding "assets held for sale"? X Depreciation…

A: Assets Held For Sale: These are assets that company plans to sell and are non-current (or…

Q: ment of a long-term asset, the depreciation of a long-term asset, and the sale of a long-term…

A: The organization would be established for doing business in the market. Thus, it requires a lot of…

Q: What would be the adjusting entry to record depreciation each period?   a. Debit Accumulated…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

Q: Which of the following would be considered a long−term ​asset?     A. Office Supplies   B. Land…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Accumulated Depreciation appears on the

A: The accumulated depreciation is deducted out of the purchase value of a company in order to arrive…

Q: Accumulated depreciation, equipment is reported:  Select one: On the balance sheet as a subtraction…

A: Depreciation is the non cash expenditure which is charged in the income statement as per matching…

Q: Net book value is Select one: a. Amount of which an asset is recognized in the balance sheet after…

A: Book value of the asset is the value at which the asset is recorded in the financial statement. All…

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: The “carrying value” of a long term asset on the Balance Sheet represents: a. The net book value of…

A: Correct answer-option a:The net book value of the asset

Q: Long term assets without any physical existence but, possessing a value are called Current assets O…

A: (d) intangible assets is the correct option.  Intangible assets : intangible assets are those assets…

Q: Accounts payable would appear on the balance sheet as a(n) a. asset b. liability c. unearned…

A: Account payable is the account that represents the accounts from where purchases of inventory have…

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: 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: Which of the following is not a required disclosure regarding intangible assets that are amortized…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: The purpose of providing for depreciation in the statement of comprehensive income is to: O a.…

A: Depreciation refers to a decrease in value of asset over its useful life due to factors such as…

Q: The accumulated depreciation account in the statement of financial position will be treated in the…

A: Depreciation: Depreciation is the reduction in the value of the asset for a particular period. It is…

Q: Identify the word or term being described in the sentences by matching the words or terms labeled A…

A: Adjusting entries are those journal entries which are passed at the end of the period in order to…

Q: The following would affect the net income on the last year of the useful life of a long-lived asset…

A: Long lived assets are the fixed assets of the business, which are held by the business for the…

Q: The time an asset is expected to last is called its a.fiscal period. b.depreciation. c.useful life.…

A: Assets: Assets are the resources of an organization used for the purpose of business operations.…

Q: Depreciation expense is:

A: Answer

Q: An asset classified as property, plant, and equipment on the balance sheet must have which one of…

A: Property plant and equipment are: long term assets means they are expected to be used from more…

Q: Which method of deprecaution is used when the cost of an asset is written off in equal amounts over…

A: There are number of methods of depreciation.

Q: The entry to record depreciation includes a debit to the​ ________ account.         A. Depreciation…

A: The depreciation is a decline in the value of tangible assets over their useful life. it is a…

Q: According to PFRS 9, impairment gain

A: As per PFRS9 impairment losses and impairment gains (in the case of purchased or originated…

Q: The amount of asset cost assigned as an expense to a particular period is called: a. Depreciation b.…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Q: Classify the accounts listed below by matching the account name with one of the following financial…

A: Current assets are all those assets that are realizable to cash within one year such as accounts…

Q: On the balance sheet, accumulated depreciation is: 
 Group of answer choices   subtracted from…

A: Answer: Option - subtracted from property and equipment.

Q: For accounting​ purposes, depreciation refers to the process of​ ________.         A. estimating an​…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

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: Which of the following is a permanent account?     Accumulated Depreciation     Dividends…

A: All the expenses and revenue are known as temporary accounts such as revenue, dividends,…