Question and answer
What sources are reliably used to estimate an asset's useful life?
Accounting.
Expert answered|kikaycore|Points 2300|
Question
Asked 11/19/2011 10:47:34 PM
0 Answers/Comments
Get an answer
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
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
18,804,016 questions answered
Popular Conversations
Read the sentence below and correct the pronoun-antecedent agreement ...
Weegy: The three museums in this area that have contributed artifacts for the Egyptian mummy exhibit claim to have five ...
12/21/2014 10:17:21 PM| 3 Answers
Write an equation that represents the problem, then solve the ...
Weegy: 4*6=x
12/21/2014 10:22:19 AM| 2 Answers
Multiply. (-8.7)(-1.1) User: divide -5/-20
Weegy: The answer is 100
12/21/2014 10:42:03 AM| 2 Answers
definition of technical writing
Weegy: Writing is language in a textual medium through the use of a set of signs or symbols (known as a writing ...
12/21/2014 2:20:26 PM| 2 Answers
Which area of individual competence is most important for accurately ...
Weegy: critical thinking is the area of individual competence is most important for accurately perceiving group ...
12/21/2014 5:18:18 PM| 2 Answers
According to MyPlate, you should eat approximately two cups of ...
Weegy: MyPlate illustrates the five food groups that are the building blocks for a healthy diet using a familiar image ...
12/22/2014 1:05:21 AM| 2 Answers
Referencing the product below, what is one serving size in ...
Weegy: Acne is caused by: HORMONES. User: Organic foods tend to have higher levels of nutrients than nonorganic ...
12/22/2014 1:24:15 AM| 2 Answers
Weegy Stuff
S
L
P
L
Points 1163 [Total 5007]| Ratings 0| Comments 1163| Invitations 0|Offline
S
L
Points 806 [Total 1497]| Ratings 1| Comments 796| Invitations 0|Offline
S
1
L
1
L
P
P
L
P
Points 695 [Total 14880]| Ratings 1| Comments 685| Invitations 0|Offline
S
Points 681 [Total 681]| Ratings 1| Comments 671| Invitations 0|Offline
S
P
C
L
P
L
1
Points 143 [Total 6462]| Ratings 1| Comments 133| Invitations 0|Offline
S
L
Points 83 [Total 1543]| Ratings 1| Comments 73| Invitations 0|Online
S
1
L
L
Points 33 [Total 6700]| Ratings 0| Comments 33| Invitations 0|Offline
S
Points 30 [Total 30]| Ratings 0| Comments 0| Invitations 3|Offline
S
Points 23 [Total 29]| Ratings 0| Comments 23| Invitations 0|Offline
S
Points 22 [Total 22]| Ratings 0| Comments 2| Invitations 2|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.