You are watching: Depreciation measures the decline in market value of an asset.
Salvage value is:A. Also referred to as residual worth.B. Also referred to as scrap worth.C. An estimate of the asset"s value at the finish of its advantage duration.D. A variable relevant to determining depreciation.E. All of the over.
Depreciation:A. Measures the decline in market worth of an assetB. Measures physical degradation of an assetC. Is the process of allocating to expense the expense of a plant assetD. Is an outcirculation of cash from the usage of a plant assetE. Is used to land
The valuable life of a plant asset is:A. The length of time it is productively provided in a company"s operations.B. Never before regarded its physical life.C. It productive life, yet not to exceed one year.D. Determined by the FASB.E. Determined by the legislation.
Nelchild Company kind of purchase devices on July 1 for $27,500 and made a decision to depreciate the devices on the straight-line technique over its helpful life of 5 years. Assuming the equipment"s residual worth is $3,500, the amount of monthly depreciation price Nelboy should recognize is:A. $2,400B. $200C. $4,800D. $400E. $450
Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, 2007. The ascollection will be depreciated on the straight-line strategy over its four-year advantageous life. Assuming the asset"s residual worth is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2010?A. $5,000.00B. $4,166.67C. $16,666.67D. $20,000.00E. $19,166.67
The straight-line depreciation approach and also double-declining-balance depreciation method:A. Produce the very same full depreciation over an asset"s valuable lifeB. Produce the exact same depreciation cost each yearC. Produce the same book value each yearD. Are acceptable for taxation objectives onlyE. Are the only acceptable techniques of depreciation for financial reporting
Plant assets include:A. LandB. Land improvementsC. BuildingsD. Machinery and equipmentE. All of the above
1. The cost of land deserve to include:A. Purchase priceB. Assessments by regional governmentC. Costs of rerelocating existing buildingsD. Fees for insuring the titleE. All of the above
The formula for computing annual straight-line depreciation is:A. Depreciation expense split by useful life in devices.B. Cost plus residual worth divided by the beneficial life in years.C. Cost less residual worth split by the valuable life in years.D. Cost split by the useful life in years.E. Cost divided by the beneficial life in units.
The full expense of an ascollection less its built up depreciation is called:A. Historical costB. Book valueC. Present valueD. Current (market) valueE. Replacement cost
Assume that wave rider phelp expenses totaling $32,000. How does this transactivity affect Wave Rider"s audit equation?
RV wholesale inc. paid $1200 for offers and purchases additional supplies on account for $1000. RV Wholesale likewise phelp $200 of the accounts payable. What is the balance in the offers account?
Acme waburned 130 cars last month. They charge $10 per car. The company"s only prices throughout this month were $93 for utilities, $300 wages and $41 for soap. The wperiods were paid during the month, but the utility bill and also soap bills were not. What is Acme"s earnings or loss this month?
The unreadjusted trial balance for supplies reflects a $634 balance. If $532 of supplies were provided during the duration, the readjusted balance for gives would be
If Holiboards returned $2750 of snowboards to a supplier which of the following entries would certainly be supplied to document the transaction
Torres inc purchases $4800 of inventory on account from Leo corp. The journal enattempt to document this purchase for Torres under a perpetual inventory system is
TNT corp. pays an invoice for $4500 in time to take a 5% discount. The journal entry to record the payment of this invoice is
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