Please help with this Accounting type Question: The total charge of depreciation and maintenance of assets on the profit and loss account will be uniform under: A. Straight line method B. Diminishing balance method C. Annuity method D. Depreciation Fund method
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- The concept that states assets should be recorded at their original cost is known as the: i. Matching Principle ii. Consistency Principle iii. Cost Principle iv. Revenue Recognition PrincipleLoans and receivable should be measured subsequent to initial recognition at * a. Amortized cost using the straight line method b. Fair value c. Fair value plus transaction cost d. Amortized cost using the effective interest methodGeneral Accounting
- Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. book value B. contra asset C. liability D. market value book valueExplain the investment Adjustments for Other Assets and Liabilities.
- Which method measures depreciation directly? Oa. Sales comparison Ob. Cash equivalency O c. Age-life Od. Capitalized valueWhich of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciationUse the list of concepts given to match the description of the concept to the concept.
- Question on the imageClassify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired GoodwillWhich one of the following options is correct about current assets Select one: a. Current assets are long term assets b. Current assets are not recorded inside the balance sheet rather in the notes section. c. Account receivable & cash are current assets d. Current assets are depreciable.