Question and answer
Question not found
Ask a question
Not a good answer? Get an answer now. (Free)
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
What sources are reliably used to estimate an asset's useful life?
Weegy: The significant component/s can be separately identifiable and measurable. A component/s useful life is estimated utilising industry standards and benchmarks. [ That information regarding assets and components is consistent over time. ‘Significant components’ are defined as those that have a different estimated useful lives and failure to depreciate them separately would result in a material difference in depreciation expense charged each year’ provides a criteria to utilise in the recognition of significant components. ] (More)
Question
Expert Answered
Asked 11/19/2011 10:57:55 PM
0 Answers/Comments
What sources are reliably used to estimate an asset's useful life?
Weegy: Accounting. (More)
Question
Expert Answered
Asked 11/19/2011 10:47:34 PM
0 Answers/Comments
How is the appropriate depreciation method determined?
Weegy: Four popular methods are: (1) straight-line, (2) units-of-output, (3) double-declining-balance, [ and (4) sum-of-the-years'-digits.A variety of approaches can be used to calculate depreciation.most companies elect to stay with one of the fairly basic techniques -- as they all produce the same "final outcome" over the life of an asset, and that outcome is allocating the depreciable cost of the asset to the asset's service life. Therefore, although you will now only be exposed to four methods, those methods are the ones you are most apt to encounter. ] User: Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how? Weegy: Depreciation is the process of reducing the historical cost of an asset by an annual amount relating to the amount of asset usage. [ Most assets are recorded at historical costs by accounting departments; based on the type of asset, certain methods must be used to reduce the value of the asset each year. Depreciation affects the company financial statements, moving the depreciation amount from the asset value on the balance sheet to the depreciation expense on the income statement. GAAP Methods Several methods of depreciation are used to record the depreciation expense on the accounting books. The most popular methods include: Straight-Line: This is the simplest depreciation method; it is calculated by subtracting the asset salvage value from the asset's historical cost, then dividing the remaining amount by the useful years of the asset. This creates a constant amount for companies to depreciate each year. Declining Balance: The declining balance method is used for assets with shorter life spans for a company. This allows companies to deduct higher depreciation amounts early in the asset life and lower amounts as the asset is phased out of the company. Companies will usually determine what percentage of the asset will be used each year and multiply it by the ... (More)
Question
Expert Answered
Asked 11/19/2011 11:56:18 PM
0 Answers/Comments
How is the appropriate depreciation method determined?
Weegy: Four popular methods are: (1) straight-line, (2) units-of-output, (3) double-declining-balance, [ and (4) sum-of-the-years'-digits.A variety of approaches can be used to calculate depreciation.most companies elect to stay with one of the fairly basic techniques -- as they all produce the same "final outcome" over the life of an asset, and that outcome is allocating the depreciable cost of the asset to the asset's service life. Therefore, although you will now only be exposed to four methods, those methods are the ones you are most apt to encounter. ] (More)
Question
Expert Answered
Asked 11/19/2011 11:25:32 PM
0 Answers/Comments
20,452,566 questions answered
Popular Conversations
Solve 2x^2 + x - 6 = 0 User: Solve |4x - 8| User: Solve the ...
Weegy: 2x + 1 User: Solve |x| > 5 User: Solve 7x - 4 = 5x + 15 for x.
4/17/2015 9:42:20 AM| 3 Answers
Which two superpowers engaged in an arms race during the cold war as ...
Weegy: Which two superpowers engaged in an arms race during the cold war as they competed with each other to acquire ...
4/17/2015 3:21:30 PM| 2 Answers
What is an inflammation of the connective tissue that attaches the ...
Weegy: Tendon is an inflammation of the connective tissue that attaches the muscles to the bones.
4/17/2015 12:12:16 AM| 1 Answers
Weegy Stuff
S
L
Points 712 [Total 2289]| Ratings 1| Comments 702| Invitations 0|Offline
S
L
Points 605 [Total 1172]| Ratings 2| Comments 585| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
Points 217 [Total 8094]| Ratings 2| Comments 197| Invitations 0|Offline
S
Points 164 [Total 164]| Ratings 0| Comments 164| Invitations 0|Offline
S
L
1
R
Points 101 [Total 1173]| Ratings 1| Comments 91| Invitations 0|Offline
S
L
Points 101 [Total 3704]| Ratings 0| Comments 101| Invitations 0|Online
S
1
L
L
Points 56 [Total 8050]| Ratings 0| Comments 56| Invitations 0|Offline
S
1
L
1
Points 43 [Total 3484]| Ratings 1| Comments 33| Invitations 0|Offline
S
Points 30 [Total 30]| Ratings 1| Comments 20| Invitations 0|Offline
S
Points 22 [Total 22]| Ratings 0| Comments 22| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.