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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
Profit for the period The profit for the period has been arrived at after charging the following expenses: Normal 0 false false false EN-US X-NONE
Olivia has received a $15 gift certificate that is redeemable only for roasted peanuts. Bags of roasted peanuts come in two sizes, regular and jumbo. A regular bag contains 30 pean
Critical Thinking Exercise Instructions: select a company , Wendy''s or McDonald''s . Perform a Google search, key in McDonalds or Wendys Key financial ratios. I suggest you use f
Analytical Procedures - Substantive tests of financial information that examine relationships among data as a means of obtaining evidence. Such procedures include: (1) comparison o
A company produces 2 modules of mobile phones. 1.Basic modle is sold 5000/=, direct material cost 1250/=, requires 0.25h labour time. Produce unites 8000 per month. 2.smart model
explain accounting concepts and conventions
1. According to the notes to the financial statements, what method or methods does the company use to depreciate "plant and equipment?" What rate does it use to depreciate plant an
CONVERSION INTO A COMPANY The partners may convert their business and trade in form of a company. This may be due to some of the advantages a company has over a partnership. E.g.
given the following information: cash-171,100 accounts receivable-9400 prepaid studio rent-3000 unexpired insurance-7200 supplies-500,equipment-18,000 accumulated depreciation-7200
At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $753,000. Chan records its Bad Debts Expense for that estimate. On the follow
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