True or False Replacement ends depreciation

Q: The book value of a depreciable asset is       A. The original cost of the asset.       B. The…

A: Book value of a depreciable asset means value at which that asset is shown in the balance sheet of…

Q: The transfer to expense of the cost of intangible assets attributed to the passage of time or…

A: Introduction:- Assets are mainly classified into two types as follows under:- Tangible assets…

Q: An asset's book value or carrying value is its: Multiple Choice O accumulated depreciation. cost…

A: The book value or carrying value of the machine is the value that carries on the balance sheet of…

Q: Accumulated Depreciation is a permanent account. True False

A: Temporary accounts are those which are closed at the end of every period and not shown in the…

Q: What are two major types of depreciation?

A: In general terms, depreciation is a decline in the value of long-term tangible assets. In…

Q: Allowable depreciation reduces the basis of an asset whether the depreciation is deducted or not.

A: Allowable depreciation is the depreciation of the asset which is must allowed to deduct from the tax…

Q: The gains are commonly known as depreciation recapture. True or false?

A: Depreciation Recapture means a procedure adopted by USA Internal Revenue Service to collect taxes on…

Q: It is the gradual diminution of the useful value of tangible property resulting from wear and tear…

A: (i) Depreciation: Depreciation is the gradual decrease in the value of the asset due to wear and…

Q: "Depreciation is a valuation process that results in the reporting of the fair value of the asset.”…

A: Fixed assets: These are the assets which were used in the business for more than one year. These…

Q: Which of the following is NOT a way to dispose of an asset? a.Sell it. b.Exchange it for another…

A: solution concept Disposing of the asset                 Discarding a asset means retiring the asset…

Q: The factor that is not relevant in computing depreciation is

A: Depreciation is an accounting method used to allocate the cost of a tangible or physical asset over…

Q: If an asset is written down because of an impairment, in USA GAAP, it cannot be written back up…

A: PROVISIONS FOR REVERSAL OF IMPAIRMENT LOSS UNDER THE FOLLOWING STANDARD :- USA GAAP IFRS…

Q: Why is the cost of certain kinds of property not recoverable at all by way of de-preciation,…

A: Cost of some assets are not recoverable because of the main reason that these assets do not qualify…

Q: The following terms are mismatched with its definitions. Match the terms to its correct definitions.…

A: The terms are matched with the definitions in below table:

Q: Please explain double-declining method depreciation. When is this the preferred method to figure…

A: The double-declining balance method is a method to calculate depreciation. Depreciation as per…

Q: First cost Book depreciation life MACRS property class Salvage value n 1 2 3 4 5 6 7 8 A $8,000…

A: Depreciation: It is a method of charging the cost of the asset to the income statement each year.

Q: Depreciation is a valuation process that results in the report-ing of the fair value of the asset.”…

A: Depreciation is a form of non-cash expenditure which represents the normal wear & tear and…

Q: A deduction for percentage depletion is allowed even though the entire cost of the asset has been…

A: Depletion: It refers to the process of proportionately distributing the cost of the extracting…

Q: The key difference between amortization and depreciation is that amortization charges off the cost…

A: In this question, we are required to determine the key difference between depreciation and…

Q: All of the following are consequences of disposing a capital cost asset, EXCEPT: a. Recapture of…

A: When it comes to managing finances and assets, understanding the concept of disposing of a capital…

Q: If fair value of an impaired intangible asset recovers after an impairment has been recognized,…

A: Intangible Assets -The term "intangible assets" describes recognizable, non-financial assets that…

Q: Nonresidential real and residential rental property depreciated using MACRS are not subject to…

A: Nonresidential real and residential rental property depreciated using MACRS are not subject to…

Q: When a destroyed business asset is replaced, which of the following is true?

A: When the asset of business is destroyed then the destroyed assets's…

Q: An asset's cost minus accumulated depreciation is its Multiple Choice OO O market salvage residual…

A: Fixed Assets - Fixed assets are the resources of the Company. Depreciated at the end of every year.…

Q: What does it mean the "property and equipment are started at cost"?  A. Fair value  B.historical…

A: As per IFRS/IAS 16 Property plant and Equipment is to be Initially measured at cost.