True or False _____ PAS 16 defines depreciation as "the decrease in the value of an asset." ______ According to PAS 16, items of PPE are initially measured at cost and subsequently measured using either the cost model or the fair value model. _______ an entity acquires an asset for P120k. The asset is estimated to have a useful life of 10 years and a residual value P20K. tHE STRAIGHT LINE DEPRECIATION RATE BASED ON DEPRECIABE AMOUNT IS 10% _______ An entity
True or False
_____ PAS 16 defines
______ According to PAS 16, items of PPE are initially measured at cost and subsequently measured using either the cost model or the fair value model.
_______ an entity acquires an asset for P120k. The asset is estimated to have a useful life of 10 years and a residual value P20K. tHE STRAIGHT LINE DEPRECIATION RATE BASED ON DEPRECIABE AMOUNT IS 10%
_______ An entity acquires an asset for P1M. A P200k residual value is estimated for the asset.
_______ A machine acquired on the 20th of Julyv(and ready for its intended use as at this date) would most likely be depreciated starting on the 1st of August.
_______ A change in the depreciation method, useful life or residual value of a PPE is accounted for retrospectively.
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