When there is a change in the useful life of an asset, depreciation must be revised if you are using
A) straight-line depreciation.
B) units-of-production depreciation.
C) diminishing-balance depreciation.
D) any of the above depreciation methods.

Question

Quizplus · Accepted Answer

When there is a change in the useful life of an asset, depreciation must be revised regardless of the depreciation method being used (straight-line, units-of-production, or diminishing-balance) to accurately reflect the asset's new expected usage, productivity, or wear and tear over time.

When There Is a Change in the Useful Life of an Asset