True or false If you are still using the asset after its estimated useful life is over? You stop taking further depreciation?
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True or false
If you are still using the asset after its estimated useful life is over? You stop taking further
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- 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.Which of the following best describes depreciation?A It is a means of spreading the payment for the asset over its total estimated lifeB It represents the decline in the market value of the assetC It is a means of spreading the cost of an asset over its estimated useful lifeD It is a way of estimating the cash needed to replace the asset in the futureA) What is residual value? Support your answer with an example ( word count 100) B) In practise, would you expect the depreciation expense for a non-current asset to be overestimated or underestimated? Explain why this is the case.
- Which of the following statements about depreciation is not true? A. Depreciation does not mirror the actual loss of value over time. B. Depreciation is the allocation of the asset’s cost to expense over the expected years of use. C. If the fair value of the asset increases, depreciation is reversed to reflect the change in value. D. U.S. GAAP requires depreciation methods to be systematic and rational.Which of the following events is most appropriately recorded as reduction to accumulated depreciation? a. An addition that increases the anticipated benefits of the old asset b. An improvement that extends an asset's useful life c. An improvement that increases the asset's expected benefits beyond that originally expected d. A replacement of a better asset for the one currently usedTrue or false If you sell an asset for more than its salvage value you can record a loss for the difference?
- True or False Over the life of a depreciable asset, its recorded cost decreases, the related accumulated depreciation increases, and its book value remains constantA student is defending a certain depreciation method. She uses the argument that repairs and maintenance costs will probably increase as the asset get older. She also argues that the asset will produce less as it gets older. What depreciation methos is she probably defending? a. Straight-line b. Sum-of-the-year's-digits c. Sinking-fund d. ActivityWhich depreciation method ignores residual value until the last year of depreciation? Why?
- Can you tell me why this keeps saying that the answer is incomplete? I’ve already depreciated the asset down to its residual value.Depreciation is a process of asset valuation where an asset's book value (cost less accumulated depreciation) often approximates it fair value. Do you agree or disagree? Explain why or why not.What element must be present when determining if an asset is a depreciating asset? a. An asset that holds its value for a period of time or increases in value for a period. b. An asset that has a limited effective life. c. A fixture that completely loses its value. d. An asset that cannot reasonably be expected to decline in value over time.
