What is depreciation, residual value and useful life? Describe at least 2 depreciation methods allowed under IFRS

3) Which of the following best describes a depreciation base?7) The acquisition cost of an asset relative to its fair value O The estimated market value of an asset at the end of its useful life O The historical cost of an asset less the depreciation recognized to date O The amount that should be expensed over an asset's useful life

two different depreciation methods and prepare a chart showing the effects the depreciation method has on net income and total assets

Name depreciation methods that deduct residual value before an asset is depreciated.

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 the following terms: (a)Depreciation, (b)accumulated depreciation, (c)book value, (d)fixed asset, (e)intangible asset.