Cial ye n for year 2 follows: Segment (in Thousands) R Is A B $42 $121 12 65 470 800 C $14 (3) 80 Tota are required to be separately disclosed in its D
Cial ye n for year 2 follows: Segment (in Thousands) R Is A B $42 $121 12 65 470 800 C $14 (3) 80 Tota are required to be separately disclosed in its D
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Transcribed Image Text:Swift Co. has identified three operating segments that may require separate disclosure in
Swift's general purpose financial statements for the year ended December 31, year 2.
Information for year 2 follows: Segment (in Thousands) Reported revenue Reported profit
(loss) Assets A B $42 $121 12 65 470 800 C $14 (3) 80 Total $177 74 1,350 Which of Swift's
segments are required to be separately disclosed in its December 31, year 2, financial
statements?
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