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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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
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TRUE or FALSE Materality Concept Question 1. When it comes to determining the materiality of an amount, the accountant typically compares it to total assets, total liabilities, total expenses, etc.
Question on the image
Classify 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 Goodwill

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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