Why is depreciation necessary?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Depreciation is the transmission or assigning of a plant assets price to expenditure over th...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted:
Students also viewed these Accounting questions
-
Why is it necessary to record depreciation expense for partial periods? Describe some common conventions that are used to compute partial period depreciation.
-
Depreciation expense for the year was $1,000. Make the necessary journal entry.
-
Why is cost allocation necessary in accounting? Why is it necessary in a joint process?
-
In Figure P23.15, determine the point (other than infinity) at which the electric field is zero. 1.00 m -2.50 : 6.00 C
-
Exercise 4 in Module 3 gave the following number of TV sets in homes. 2, 3, 1, 2, 3, 0, 2, 4, 1, 2, 4, 3, 2, 1, 1, 3, 0, 2, 1, 1, 2, 3, 2, 5, 2 Find the (a) mode, (b) median (ballpark), and (c) mean...
-
For insertion elements and simple transposons, what is the function of the inverted repeat sequences during transposition?
-
Show that, for the isotropic case, (i) the velocity correlation function is now symmetric and (ii) the pressure-velocity correlation is zero.
-
As a manager of a department store, you must deal with a variety of business transactions. Place the letter of each of the following transactions next to the effect it has on the accounting equation....
-
The following book and fair values were available for Westmont Company as of March 1. Book Value Inventory Land Buildings $ 551,500 771,000 1,895,000 Fair Value $ 515,250 1,050,750 Customer...
-
The acquisition committee of KE plc is considering making takeover bids for two competitors, Scot plc, a listed company, and Ring Ltd. Summarised financial data is given below for these companies....
-
How does matching relate to accruals and deferrals?
-
Multiple Choice Questions 1. Which of the following accounts is a liability? a. Depreciation expense b. Dividends c. Accumulated depreciation d. Unearned advertising fees 2. Which of the following is...
-
Explain the difference between horizontal and vertical application software.
-
Which of the following statements concerning the reporting of general long-term liabilities is true? a. General long-term liabilities are reported both in the governmental funds and the...
-
The Balance Sheet for governmental funds would potentially include all of the following items except a. liens receivable. b. deferred revenue. c. bonds payable due in 5 years. d. assigned fund...
-
The General Fund of the village of Oxendine transferred $150,000 to a Special Revenue Fund; $35,000 to a Capital Projects Fund; and $25,000 to Enterprise Fund A. In the same reporting period,...
-
Assume that a wealthy alumnus donated $1 million to Chavis University to provide loans to qualifying students. Though not required by the donor, the universitys Board of Trustees voted to supplement...
-
The General Fund of the village of Oxendine transferred $150,000 to a Special Revenue Fund; $35,000 to a Capital Projects Fund; and $25,000 to Enterprise Fund A. In the same reporting period,...
-
The frictionless piston-and-cylinder system shown here is subjected to 1.013 bar external pressure. The piston mass is 200 kg, it has an area of 0.15 m 2 , and the initial volume of the entrapped...
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
You have been hired by Freddy Flintstone to prepare its 20X1 cash flow statement. The business provides you with its 20X1 income statement, as follows: You determine that these numbers are correct....
-
What are the steps to be completed in preparing the opening IFRS statement of financial position?
-
What are the steps to be completed in preparing the opening IFRS statement of financial position?
-
What are the steps to be completed in preparing the opening IFRS statement of financial position?
-
Alpha Company is evaluating a make-or-buy decision. The unit material costs for circuit boards are $1.00 and the unit labor and allocated fixed costs are $2.00 and $4,000, respectively, for a...
-
A toy car rolls along a curved track as shown below. The track has a tall incline that gradually slopes downward to a ramp that makes a 40 angle with the horizontal. The car is placed at point A, at...
-
Courtland Incorporated owns a $1 million office building which it insures under a Building and Personal Property Coverage Form (BPP) with an 80 percent coinsurance provision. In an effort to reduce...
Study smarter with the SolutionInn App