How can we determine the service life of an asset?

Q: Who should authorize disposal of fixed assets?

A: Disposal of Fixed Asset: Disposal of fixed asset is a process of selling off the asset whose…

Q: WHAT IS LEGAL LIFE OF THE ASSET?

A: SOLUTION- LEGAL LIFE OR USEFUL LIFE OF ASSET- AN ASSET LEGAL LIFE IS THE PERIOD OF TIME (OR TOTAL…

Q: An estimate of how an asset will be used up over its useful life is known as what?

A: This question tells about you have a good idea of how much of an asset you'll utilize throughout…

Q: What is the salvage value of the asset?

A: Depreciable cost: It refers to the cost of an asset that is subject to depreciation. Depreciable…

Q: What information is found on the depreciation schedule? How can this information be verified?

A:

Q: How can be Preservation and Maintenance of the Property can be done?

A: Preservation and Maintenance of Property can be done as follows: The borrower of the property…

Q: define current asset and explain the particularity of an operating cycle

A: Solution:- a)Explanation of current assets as follows:- 1)Definition:- Current assets means assets…

Q: What are factors to be considered in estimating the usefullife of an intangible asset?

A:

Q: Required Determine the capitalized cost of the asset.

A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

Q: What Are Intangible Assets?

A: Intangible assets form a part of the non-current assets of the company.

Q: How should intangible assets and property, plant, and equipment (PP&E) be treated when their service…

A: The Answer

Q: What costs should be included when measuring the total cost to acquire a long-term asset?

A: Long-term assets: The assets which are used to generate revenue for the business operations for a…

Q: Discuss the factors that influence the estimation of service life for a depreciable asset.

A: Fixed asset:It refers to the long-term assets having a useful life of more than a year which is,…

Q: The cost of an asset that is subject to depreciation os called?

A: Assets: Assets are those resources that are owned by the business organization which has an economic…

Q: What is the cost of the asset being depreciated? Cost of asset %24

A: Under straight line method of depreciation, the value or cost of asset is reduced equally over the…

Q: Which of the following terms describes expenditures made to repurpose an asset?

A: The asset is the future benefit of the company that would have to be sacrificed to pay off the…

Q: Should the engineers be able to assess the reality of depreciating fixed assets?

A: A company should assess the position of its fixed asset and check for its impairment if condition…

Q: Explain how to determine the cost of an asset.

A:

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: Explain the concept of VALUE IN USE. Why can it be a basis for recoverable amount of an item of…

A: Value in use means the asset’s net worth for the present time. Value in use is used to take decision…

Q: Define asset impairments.

A: Property, Plant, and Equipment:   Property, Plant, and Equipment refers to the fixed assets, having…

Q: What are some examples of tangible and intangible assets?

A: Introduction:- Assets are mainly categories into two types based on the existence. these are as…

Q: What was the acquisition cost of the equipment?

A: Given the salvage value = 15000 Useful life = 10 years Depreciation for 4th year = 63636 If the…

Q: How much is the initial cost of the asset?

A: Purchase price  Less: Trade discount/Rebate  Add: Import Duties  Add: Non refundable taxes  Add:…

Q: What are the requirements of depreciating an asset?

A: Depreciation is a non-cash expense which is charged against the use of the fixed assets of the…

Q: intangible asset (or asset class) that interests you.

A: Intangible assets are Goodwill , parent , Trademark , Copy right , Software etc. I am explaining…

Q: Describe the method of the asset's depreciation?

A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…

Q: In what ways might a depreciable asset's estimated service life be influenced?

A: The Answer

Q: The cost of an asset that is subject to depreciation is called?

A: The cost of an assets that is subject to depreciation is called depreciable cost and not the actual…

Q: If a newly acquired asset is ‘held for sale’, the asset or disposal group will be measured at

A: A newly acquired asset is considered as a held for sale to a distributors when a non-current asset…

Q: What is Indefinite life intangible assets?

A: Definition:   Intangible assets: These are the long-term assets that are not physical in nature, but…

Q: Explain the process of ‘impairment of an asset’ and its definition? Explain how to account for an…

A: Impairment of assets means reducing the cost of assets when carrying amount is more than value in…

Q: How do you identify intangible assets such as usufruct in modern transactions

A: Goodwill, brand awareness, and proprietary information like as patents, trademarks, and copyrights…

Q: As a result of the transaction, what is the effect on the profit or loss? what is the cost of the…

A: On the occasion of disposal/exchange/sale of an asset, the net income of the entity is impacted by…

Q: What are the intangible assets? Give some examples?

A: Classification of Assets Assets can be classified in to three categories which are Fixed Assets,…

Q: order to determine usefulness of intangibles, investigation and the examination of income data…

A: Goodwill, patent and others is an intangible asset which cannot be seen or touched, add value to the…

Q: Property plant and equipment are considered what type of asset?

A: basically classification of asset is done based on the nature of the asset .there are two types of…

Q: True or False?

A: Meaning of Right of use asset The right of use asset is recorded by the lessee in the balance…

Q: Examine the variables that affect the assessment of a depreciable asset's service life

A: This question tells about the variables that affect the assessment of a depreciable asset's service…

Q: Is intangible assets is classified as current assets?

A: Generally, the liquidity of the assets plays a significant role in determining whether they are…

Q: What do you mean when you say the depreciable life of an asset is defined?

A: The question explains about the depreciable life of an asset is defined