Total amount of depreciation of anasset cannot exceed its:None of theseScrap valueDepreciation valueMarket valueUnder the diminishing balancemethod of depreciation, it:None of themRemain constant every yearIncreases every yearDecrease every yearLoss on sale of plant and machineryshould be written off against:Depreciation fund accountII

Name: Total amount of depreciation of anasset cannot exceed its:None of the
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Total amount of depreciation of anasset cannot exceed its:None of theseScrap valueDepreciation valueMarket valueUnder the diminishing balancemethod of depreciation, it:None of themRemain constant every yearIncreases every yearDecrease every yearLoss

1 Total amount of depreciation of an asset cannot exceed its: Answer Option c: Depreciation value…

Answered: Total amount of depreciation of an…

Business

Accounting

Total amount of depreciation of an asset cannot exceed its: None of these Scrap value Depreciation value O Market value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

i need the answer quickly
Salvage value is: O Also called residual value Also called scrap value O An estimate of the asset's value at the end of its benefit period O A factor relevant to determining depreciation O All of the above
Under IFRS, a company that acquires an intangible asset may use the revaluation model for subsequent measurement only if a. The useful life of the intangible asset can be readily determined. b. An active market exists for the intangible asset. c. The cost of the intangible asset can be measured reliably. d. The intangible asset is a monetary asset.
A fixed asset's estimated value at the time it is to be retired from service is called market value book value carrying value residual value
Fixed assets have their expenses spread out over time with depreciation. Why aren't they fully expensed at the time they are purchased?
97. The portion of the acquisition cost of an asset yet to be allocated is known as A. Written down value B. Accumulated value C. O Realizable value D. O Salvage value
Under the historical accounting system, depreciation is calculated on the original cost of fixed assets with the result that only an amount equivalent to the original cost of the fixed assets is available for its replacement when its life is over. This results in which of the following problem? a. Mixing up of the holding gains and operating gains b. Fixed assets values are unrealistic c. Return on capital employed misleading d. Insufficient provision of depreciation
A loss on impairment on a limited life intangible asset is the difference between the asset’s Select one: carrying value and its undiscounted expected future net cash flows. fair value and its net realizable value. fair value and its discounted expected future net cash flows. carrying value and its fair value.
Which method of deprecaution is used when the cost of an asset is written off in equal amounts over its expected economic life? A fixed instalment B accelerated C sum of the digits D diminishing balance
3) Which of the following best describes a depreciation base?7) The acquisition cost of an asset relative to its fair value O The estimated market value of an asset at the end of its useful life O The historical cost of an asset less the depreciation recognized to date O The amount that should be expensed over an asset's useful life
How do amortization methods differ for intangible assets with finite useful lives versus those with indefinite useful lives, and what impact do these methods have on a company's financial statements?
With regards to depreciation, which of the following is not true? O Straight Line depreciation includes initial cost and salvage value in the depreciation calculation. In straight line depreciation, the depreciation life (n) is set based on the MACRS property class. MACRS Depreciation method is the only method allowed for accounting and tax purposes. In MACRS depreciation, the salvage value is assumed to be zero. In straight line depreciation, the asset is depreciated down to a book value equal to the salvage value.