Note: Option A is incorrect. Need correct option 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 methodB. Diminishing balance methodC. Annuity methodD. Depreciation Fund method

Option A: Incorrect: Straight Line MethodOne of the straight-line methods presumes that a fixed…

Answered: Please help with this Accounting type…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7Q: Describe the relationship between expense recognition and long-term assets.

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Similar questions

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 Principle
Loans 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 method
General 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 value
Explain 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 value
Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciation
Executory costs include Select one: a. insurance. b. property taxes. c. maintenance. d. all of these
Question on the image
Which one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by management

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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