Which of the following is true about depreciation? Depreciation expense is a special kind of prepaid...
Which of the following is true about depreciation? Depreciation expense is a special kind of prepaid expense. Depreciation is an asset account. Depreciation reflects a decline in an asset's market value. Depreciation is not an expense account.
Homework Answers
Depreciation expense is a special kind of prepaid expense- False (Depreciation is value of asset charged to profit and loss account due to regular wear and tear in asset )
Depreciation is an asset account - False (Depreciation is an expense account)
Depreciation reflects a decline in an asset's market value – True
Depreciation is not an expense account – False . (Depreciation is expenses account).
Add Answer to:
Which of the following is true about depreciation? Depreciation
expense is a special kind of prepaid...
Which of the following statements about straight-line depreciation is correct? Multiple Choice The straight line method...
Which of the following statements about straight-line depreciation is correct? Multiple Choice The straight line method of depreciation results in a straight-line increase of depreciation expense over the life of an asset. Straight-line depreciation is an approved method to allocate the cost of an asset to expense and it serves as a measure of the physical decline in the asset. When the straight-line method is used to compute depreciation, an asset's carrying value remains constant over the life of the...
How is depreciation allocated when using the straight-line method? Depreciation expense is allocated in proportion to...
How is depreciation allocated when using the straight-line method? Depreciation expense is allocated in proportion to an asset's use in operations A constant percentage of an asset's book value as of the beginning of each period is allocated to depreciation expense • An equal amount of depreciation expense is allocated each period of an asset's useful life Salvage value is the expected net recovery when the asset is sold or removed from service. • True False
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
which of the following statements is true regarding Depreciation? A.) In some instances it is acceptable...
which of the following statements is true regarding Depreciation? A.) In some instances it is acceptable to depreciate an asset below the slavage value. B.) In the declining balance method, subtract the salvage value from the cost of the asset and multiply the depreciate rate times that depreciable base. C.) When recording depreciation expense, credit the asset account dorectly. D.) The book value of an asset is the cost of the asset minus accumulated depreciation.
Which of the following statements is false? Once you select a depreciation method, then you must...
Which of the following statements is false? Once you select a depreciation method, then you must use this method for all depreciable assets. The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP. The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The annual depreciation expense and year-end book values...
Which of the following is correct about the comparison of straight-line and accelerated depreciation method? a....
Which of the following is correct about the comparison of straight-line and accelerated depreciation method? a. Straight-line depreciation method accelerates expense recognition in early years of an asset's life. b. Aggressive managers tend to use straight-line depreciation method in early years of an asset's life. c. Accelerated depreciation method accelerates revenue recognition in early years of an asset's life. d. Accelerated depreciation method increases current earnings in early years of an asset's life. e. Both C and D.
Which of the following is not true about depreciation? Group of answer choices It is a...
Which of the following is not true about depreciation? Group of answer choices It is a non-cash expense. It affects corporate taxes. It does not affect net income. All of these are true.
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which of the following below? OC. A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair market value of tangible assets....
Which of the following statements is correct about prepaid accounts O Prepaid accounts are also called...
Which of the following statements is correct about prepaid accounts O Prepaid accounts are also called prepaid liabilities and are classified as liabilities. O Prepaid accounts are current expense accounts and are reported on the income statement. O Prepaid accounts are also called prepaid expenses and are considered assets. O Prepaid accounts are another name for accounts receivable and are reported as an asset.
Which of the following statements is correct about prepaid accounts O Prepaid accounts are also called...
Which of the following statements is correct about prepaid accounts O Prepaid accounts are also called prepaid expenses and are considered assets. O Prepaid accounts are another name for accounts receivable and are reported as an asset. O Prepaid accounts are current expense accounts and are reported on the income statement. O Prepaid accounts are also called prepaid liabilities and are classified as liabilities.
How is depreciation allocated when using the straight-line method? Depreciation expense is allocated in proportion to an asset's use in operations A constant percentage of an asset's book value as of the beginning of each period is allocated to depreciation expense • An equal amount of depreciation expense is allocated each period of an asset's useful life Salvage value is the expected net recovery when the asset is sold or removed from service. • True False
Which of the following statements is false? Once you select a depreciation method, then you must use this method for all depreciable assets. The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP. The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The annual depreciation expense and year-end book values...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which of the following below? OC. A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair market value of tangible assets....
Which of the following statements is correct about prepaid accounts O Prepaid accounts are also called prepaid liabilities and are classified as liabilities. O Prepaid accounts are current expense accounts and are reported on the income statement. O Prepaid accounts are also called prepaid expenses and are considered assets. O Prepaid accounts are another name for accounts receivable and are reported as an asset.
Which of the following statements is correct about prepaid accounts O Prepaid accounts are also called prepaid expenses and are considered assets. O Prepaid accounts are another name for accounts receivable and are reported as an asset. O Prepaid accounts are current expense accounts and are reported on the income statement. O Prepaid accounts are also called prepaid liabilities and are classified as liabilities.
Most questions answered within 3 hours.
-
Develop in C language the function whose prototype is described
below. Please, send the entire code,...
asked 17 minutes ago -
What single payment today would replace a payment stream of
$50,000 that will be paid today,...
asked 10 minutes ago -
please c++ with functions *Modify the Guessing Game Write the
secret number to a file. Then...
asked 11 minutes ago -
Question about ACID/BASE. Equal volumes of 0.230 M weak base (Kb
= 4.0× 10–9) and 0.230...
asked 16 minutes ago -
The charges and coordinates of two charged particles held fixed
in an xy plane are q1...
asked 18 minutes ago -
A particle of mass M = 7.5 kg is at a position r = (-3 i...
asked 18 minutes ago -
Please answer the question below with complete explanation and a
light rays drawing of the concave...
asked 21 minutes ago -
On January 4th, Stevens Manufacturing received an
order for 30 uniforms. The following information pertained to...
asked 30 minutes ago -
what is the present value of a 3 year growing annuity with the
first payment of...
asked 37 minutes ago -
The thermochemical equation for the combustion of sulfur dioxide
is shown below.
2 S02(g) + O2...
asked 1 hour ago -
What is the name of the pathogen that causes leaf spot on
Tecoma stans?
asked 55 minutes ago -
What criminal penalties might an individual face for violating
securities laws? Do you believe these penalties...
asked 1 hour ago