a. Classify the following as either accounting policy choices or accounting estimations. i. Impairment of assets ii.
Question:
a. Classify the following as either accounting policy choices or accounting estimations.
i. Impairment of assets
ii. Employee benefits (long service leave)
iii. FIFO method of costing inventory
iv. Depreciation method of motor vehicles used for business
v. Useful life of motor vehicles used for business
b. Explain the factors that would influence an entity’s decision as to the choice of depreciation method.
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a i It is a policy choice because the entity may reset the original cost of an asset to a new ...View the full answer
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Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730363415
6th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver
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