What element must be present when determining if an asset is a depreciating asset? a.An asset that holds its value for a period of time or increases in value for a period. b.An asset that has a limited effective life. c.A fixture that completely loses its value. d.An asset that cannot reasonably be expected to decline in value over time.

Depreciation is a reduction in the value of assets due to the usage of that asset. depreciating…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What element must be present when determining if an asset is a depreciating asset?

	a.	An asset that holds its value for a period of time or increases in value for a period.
	b.	An asset that has a limited effective life.
	c.	A fixture that completely loses its value.
	d.	An asset that cannot reasonably be expected to decline in value over time.

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