Homework Answers
Answers:
1. measures physical deterioration of an asset.
2. enhance internal control.
3. decrease in net income, decrease in total assets.
Explanations:
1.
Depreciation is the reduction in the value of an asset over time, mainly due to wear and tear. It does not involve any cash outflow. Therefore, the answer is option three: Depreciation measures the physical deterioration of an asset.
2.
Having different employees for order product, bill customer, receive payments , record them and reconcile the bank statement will not diminish internal control, but in fact enhances it. Therefore, the answer is option four : enhance internal control.
3.
Writing off uncollectible accounts receivable has two aspects. It is recorded as an expense in I come statement, by crediting (reducing) accounts receivable account. Therefore, the answer is option two : Decrease in net income, decrease in total assets.
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