The amount of a depreciable asset's annual depreciation expense can typically be obtained by referring to the balance sheet.

Question

Quizplus · Accepted Answer

The balance sheet provides information about the cost and accumulated depreciation of a depreciable asset, but it does not provide information about the annual depreciation expense. The annual depreciation expense is calculated based on the asset's useful life and depreciation method, which are typically disclosed in the notes to the financial statements.

The Amount of a Depreciable Asset's Annual Depreciation Expense Can