Once the useful life of a depreciable asset has been estimated and the amount to be depreciated each year has been determined, the amounts cannot be changed.

Question

Quizplus · Accepted Answer

The amount to be depreciated each year can be revised if there is a change in the estimated useful life or salvage value of the asset. It is also possible to change depreciation methods, but any adjustments should be made prospectively, not retroactively.

Once the Useful Life of a Depreciable Asset Has Been