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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. What do you understand by Tax Court? Tax Court - U.S. Tax Court is a legislative court functioning to adjudicate controversies between taxpayers and IRS arising out of defic
Number of Periods of a one Payment a) If you deposit money today in an account that pays 7.5% yearly interest, how long will it take to double your money? b) What's the future
A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th
How much must you save annually in order to accumulate Rs. 20, 00,000 by the ending of 10 years, whether the saving earns an interest of 12%? Solution : A = [k/(
Materials used by Company X in producing Division A's product are currently purchased from outside suppliers at a cost of $30 per unit. But the same materials are available from Di
Conditions of a will A written will is not valid unless it fulfills the following conditions. 1) The testator must sign the will; or he must affix his mark to the will (i.e. a
Let us assume that you deposit Rs.1000 in a bank that pays 10 percent interest compounded yearly for a period of 3 years. The deposit will grow as given details: Fir
Personal representatives duties Personal representation has the following duties; 1) To provide and pay out of the estate of the deceased, the expenses of a reasonable funeral
When a company sells a product for cash, it generally recognize the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.
Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk
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