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Q. What do you mean by depreciation? What are the causes for depreciation? Explain the two methods of depreciation. Depreciation means a fall in the quality, quantity or value of the asset. It is defined as the determination in the cost of an asset during a particular period due to wear and tear and obsolescence. It is the allocation of the cost of capital expenditure to the periods of its use. It is used to describe the decrease in book value of an asset. It is considered an expense and is listed in an income statement under expenses. Causes for Depreciation: -Wear and Tear -Efflux of time -Obsolescence -Accident -Fall in market price Methods of depreciation 1.Straight line depreciation 2. Reducing balance method
Q. Participation of Employees in Management? To facilitate meaningful and effective participation of workers in the management process it was decided in March 1994 that the Cor
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
are the notes to the financial statements part of the financial reporting
Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10
PCAOB - Public Corporation Accounting Oversight Board, a private-sector, non-profit corporation created by Sarbanes-Oxley Act of 2002, to oversee AUDITORs of public companies in or
Small Business Stock -No corporate investors can exclude up to 50 percent of the GAIN they realize on disposition of qualified small business stock issued after Aug. 10, 1993 and h
profit and loss account
Q. What do you understand by Partnership? Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a
Washington-Pacific invests $2 million to take a tract of land and plant some young pine trees. The trees can be harvested in 13 years, at which time W-P plans to sell the forest at
Real estate depreciated under MACRS rules is subject to cost recovery using a mid-year convention. Mike converted his personal residence (acquired in 2001) to rental property th
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