Depreciation is based on all of the following assumptions EXCEPT
A) that the asset has a fixed,determinable period of utility.
B) that the asset has a fixed,determinable value that will exist when the depreciation process is complete.
C) that the value of the asset will decline in a continuous and predictable manner over the period of utility.
D) that it is the cost incurred to replace one asset with an identical asset.
Correct Answer:
Verified
Q51: Which of these is NOT an accounting
Q52: _ is an accounting term that describes
Q53: The primary advantage of replacement value is:
A)accuracy.
B)high
Q54: Assets that are expected to provide economic
Q55: _ is the fixed and determinable value
Q57: This method defines utility as being the
Q58: Capital assets are otherwise known as:
A)operating assets.
B)inventory.
C)intangible
Q59: For periodic inventory,the time between counts is
Q60: _ is a method of estimating asset
Q61: What is the cost incurred in financing,insuring,taxing,or
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents