Which of the following is considered when depreciating an asset under the cost model? The cost of the asset.                                     The change in the fair value of the asset. The useful life of the asset.                         Both a and b.   Which of the following depreciation methods will most likely result in the highest amount of reported profit in the early years of an asset’s useful life? Straight line                                                 150% declining balance Double declining balance                         Sum-of-the-years’ digits   The most commonly used depreciation method is the   straight-line method.                                     replacement method. depreciation method based on revenue. inventory method.

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