Standards deals with the principles and methods of determining depreciation and amortization cost: CAS 15 CAS 7 CAS 9 CAS 16

What factors must be known or estimated in order to compute depreciation expense?

Choose the appropriate definition for each term. Term Amortization Useful life Licensing right Least and latest rule Component allocation Fixed asset turnover ratio Depreciable cost Copyright Depreciation schedule Revenue expenditures 2 Definition

Depreciation expense under the invenroty system is a. Based on cost minus residual value b. Basically a FIFO approach to depreciable asset accounting c. The result of applying a depreciation rate to the original cost d. A measure of the change in the value of the depreciable asset

Of the following, what information is required to calculate depreciation allowances under MACRSGDS? I. Useful life II. First cost. III. Salvage value. IV. Property class a. II and IV only. b. II, III, and IV only. c. I, II, and IV only. d. I, II, III, and IV.

Explain how depreciation expense satisfies the definition of an expense

Which of the following expenditures would be included in the cost of a fixed asset? Oa. Sales taxes Ob. Vandalism Oc. Uninsured theft Od. Mistakes in installation

The critical issues in accounting for tangible assets are recognising cost incurred as an expense or an asset and the measurement of initial costs and subsequent expenditure. MFRS 116 Property, Plant and Equipment provide guidance on these critical issues. Please give explanation in details and example