Are Inventories depreciable property? Why?

Q: Explain Quitclaim Deed?

A: Quitclaim Deed: Quitclaim Deed is also called as non-warranty deed. A quitclaim deed is considered…

Q: What is Insolvencey?

A: Liability: It is the legal financial debt owed by a company to outside entities that arises over the…

Q: Why is consignment not a sale?

A: The companies derived revenue by selling goods or delivering services. The companies main objective…

Q: What is the different between real and personal property? Include examples

A: Immovable property is land. It defines property and everything related to it, including buildings,…

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: WHAT IS TECHNICAL OBSOLECENSE OF ASSET

A: The term obsolete refers to the fact that a commodity is no longer in use. Obsolescence refers to…

Q: What is meant by depreciable base? How is it determined?

A: Depreciable base: The word depreciable base is used to depict the value that is divided by the…

Q: why does fair value seeking for an acquisition?

A: Reasonable worth is a term with a few implications in the monetary world. In contributing, it…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

Q: Which asset never depreciates in value?

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?

A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…

Q: Why should the person who keeps the records of an asset not be the person responsible for its…

A:

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: Which assets depreciate?

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

Q: Which are the Limitations on Property Rights?

A: Property rights are the rights given to the owner as per law to hold or own a property. A property…

Q: Is the nature of the gainor loss considered ordinary or long-term?

A: Ordinary gain or loss means any income which doesn't result as Capital gain or loss. Capital Gain or…

Q: Land is not considered as a depreciable property.Why

A: Fixed assets:   These are the types of assets owned by the business that is expected to provide an…

Q: How are deductions and losses different? How are they similar? Explain

A: Deductions: As deductions, the existing expenses made for the development of current period profits…

Q: Why does the so-called distressed property situation exist?

A: Distressed property refers to those which have value less than the market value. This situation…

Q: What is the role of depreciation allowance?

A: Depreciation seems to be an allowance on physical assets bought and used, not really an expense,…

Q: Determine an asset's depreciable life?

A: A tangible asset is a substantial resource. Tangible resources incorporate fixed resources including…

Q: What is the difference between real property and personal property?

A: Real property can be described as a property in which the things are attached to the land.Because it…

Q: John Landscaping started 2018 with total assets of $23,000 and total liabilities of $13,000. At the…

A: The stockholders equity is the equity capital that is contributed by the equity stockholders as well…

Q: Define the term the depreciable life of the asset?

A: Depreciation  is an accounting process through which allocation of an asset’s cost during its useful…

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