Recording depreciation each period is necessary in accordance with the Select one: a. going concern principle. b. expense recognition principle. c. historical cost principle. d. asset valuation principle.

Q: Define Depreciation expense.

A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses are those expenses which have been incurred during the period but not yet paid.…

Q: What type of depreciation expense pattern is used under eachof the following methods and when is its…

A: or

Q: Explain the straight-line method of depreciation with an example?

A:

Q: The depreciation procedures that apply to the main kinds of depreciable assets in general?

A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…

Q: EXPLAIN what type of account Accumulated Depreciation is?

A: The total amount of depreciation that has been applied to an asset up to a certain point is known as…

Q: Which one of the following is an intangible asset?

A: We know that as per IAS 38 vis a vis IFRS 38 an intangible asset is an identifiable non monetary…

Q: Define composite depreciation method.

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: Define Retirement and replacement depreciation methods.

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: Why is the recording of depreciation expense necessary?

A: Introduction:- Depreciation is non cash expenses. Which is charged on fixed asset. Which is charged…

Q: Explain the accounting treatment and disclosures required when a change is made in depreciation…

A: Methods of Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed…

Q: Depreciation techniques applicable to the most prevalent categories of depreciable assets might be…

A: This question explains about  the most prevalent categories of depreciable assets might be…

Q: Which of the following most accurately reflects the concept of depreciation as used in accounting?…

A: In accounting, depreciation refers to the allocation of the cost of a tangible asset over its useful…

Q: A general description of the depreciation methods applicable to major classes of depreciable assets?

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. Depreciation…

Q: Th e valuation technique under which assets are recorded at the amount that would be received in an…

A: There are many valuation technique like cost method, market value method, base stock method, present…

Q: Discuss the factors that influence the estimation of service life for a depreciable asset.

A: Fixed asset:It refers to the long-term assets having a useful life of more than a year which is,…

Q: Explain different types of depreciation methods with illustrative examples.

A: Depreciation is the allocation of cost of asset over the useful life of the asset.  Some methods of…

Q: can you give me an example of straight line depreciation and explain it

A: The straight-line basis is a depreciation method of estimation of depreciation expense on an asset.…

Q: Define Partial Period Depreciation.

A: Partial period depreciation:

Q: Outline the main factors to be considered in selecting an appropriate depreciation method.

A: The main factors to be considered when the choosing the appropriate depreciation method are: 1.…

Q: Describe the following terms:  1. Bid Security 2. Performance Security

A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

Q: What are the three methods to account for depreciation? What are the differences between the three…

A: Methods of depreciation Straight line method Declining/ Diminishing balance method Sum-of-the-year…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: Which of the following is the correct calculation of book value? a. Cost - Impairment expense b.…

A: Book value (B.V) is the worth of the asset at a specified date.

Q: Explain the appropriate accounting treatment required when a change in depreciation, amortization,…

A: Change in inventory method: Change in inventory method is said to be the difference between the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.