Q: Which sentence is incorrect? Select one: a. Depreciation is not the actual change in the value of…
A: Depreciation expense is a non-cash expense, which is recorded on the income statement reflecting the…
Q: As generally used in accounting, what is depreciation? a. It is an accounting process which…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: accounting treatment for depreciation expense in the balance sheet
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Q: Repairs and maintenance costs are normally: O a. Expensed in the profit or loss as incurred. O b.…
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A: Itemized deductions: These are the Expenses which are deductible from the gross total income. The…
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: After the disposal of an asset, the balance in the Accumulated Depreciation account related to that…
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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 of the following events could not coincide with the recognition of an expense? O The…
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Q: The process of transferring the cost of an asset to an expense account over time is called O A)…
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Q: Is depreciation a permanent account or temporary account? Explain?
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A: In balance sheets, Assets, liabilities and Equity should be shown.
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Q: The accounting treatment of depreciation is not recorded in.. Receipt-Payment A/C All of the above…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: Please respond to all questions related to Fixed Assets. 1. Is it necessary for a business to use…
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Q: ment of a long-term asset, the depreciation of a long-term asset, and the sale of a long-term…
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Q: The accumulated depreciation account in the statement of financial position will be treated as a…
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: The depreciation expense is generally estimated based on some assumption such as percentage of sales…
A: Depreciation can be defined as the reduction in the value of the asset over a period of time due to…
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Q: If depreciation expense is not recorded how would that affect financial statements and…
A: Depreciation records the usage of a fixed asset over a period of time and allocates its cost to the…
Q: financial statement does depreciation expense go on
A: Depreciation expense is an estimate of wear and tear caused to a fixed asset due to its use in the…
Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…
A: Outstanding expenses means those expenses which pertains to current period and recorded in the…
Q: Property taxes, office expenses, and insurance and depreciation on nonmanufacturing assets are…
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Q: The accounting treatment for depreciation expense in the balance sheet will be: a. Added to the…
A: Solution: Depreciation is charged on non current assets like equipment, building, vehicle etc. It is…
Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…
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Q: For some of the fixed assets of a business, the balance in Accumulated Depreciation is equal to the…
A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…
Q: Accumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: Which one of these statements is true of the accumulated depreciation account? O the account is to…
A: Accumulated depreciation is the total of depreciation applied on a fixed asset on a particular point…
Q: what type of account accumulated depreciation? and depreciation expense is and on what statement…
A: Accumulated depreciation is the total depreciation allocated to asset since the asset was used.…
Q: Which of the following items represent a deferral ? A. Prepaid…
A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses on the…
Q: Hdoes a company account for the disposal of an asset?how does it report gains and losses on its…
A: Disposal of Assets: It refers to selling the worn-out assets that is no longer in need for the…
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: What is the difference between Accumulated Depreciation and Depreciation expense? What statements…
A: Accumulated Depreciation is a contra asset, it consists of the accumulated depreciation value since…
Q: judgement
A: Answered:
Q: Which of the following statements relating to the Accumulated Depreciation account is correct?…
A: Accumulated depreciation account is cumulative depreciation of an asset. Its not an expense…
Q: In depreciating the cost of an asset, accountants are most concerned witha. Conservatism.b.…
A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…
Q: On the balance sheet, accumulated depreciation is: Group of answer choices subtracted from…
A: Answer: Option - subtracted from property and equipment.
Q: Sometimes, for the fixed assets of certain businesses, the balance in Accumulated Depreciation is…
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: While calculating operating profit which will not be added back to net profit a. Preliminary…
A: Solution:- While calculating operating profit the following item will not be added back to net…
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,…
Q: Which one of the following statements is true? a. Financial statement readers cannot determine…
A: Financial statement readers cannot determine whether the depreciation method used by a company is…
Q: name two situations in which a business can take a depreciation expense.
A: The portion of a fixed asset that's been considered destroyed in the current period is depreciation…
Which item would not be classified as an operating expense?
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- Accumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the balance sheet as an addition to total assets. c. on the income statement as a revenue. d. on the balance sheet as a subtraction from the related asset account.Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.In financial accounts, what is the point of include depreciation as an expense?
- What 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?Explain how depreciation expense satisfies the definition of an expenseWhich one of the following category outstanding expenses belong to? a. Intangible asset b. Current liability c. Non-current asset d. Current asset
- Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current liability c. Non-current asset d. Current asset fastHow does the concept of depreciation work in accounting, and what methods are commonly used to calculate and record depreciation expenses?Expense Recoognition: What does it mean when assets are "expensed"? Why do costs do not qualify as an asset? Explain, Please.
- 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 assethich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset c. Non-current asset d. Current liabilityWhich of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciation
