what type of account accumulated depreciation? and depreciation expense is and on what statement each account goes?

Q: accounting treatment for depreciation expense in the balance sheet

A: Depreciation expense is the part of cost of fixed asset written off in each financial year. This is…

Q: What is Accounting Depreciation?

A: Definition: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on…

Q: calculate Net Income and total assets

A: Net Income of the business means income generated after deducting all the expenses and costs from…

Q: How are the total depreciation and final book value are calculated?

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: Which of the following is a temporary account?     Depreciation Expense     Retained Earnings…

A: All accounts which are closed to the retained earnings at the end of the year and does not appear on…

Q: The journal entry to record depreciation expense is: O A. debit the asset account, credit…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Which of the following is an expense in the current accounting period under accrual accounting?…

A: We know that under accrual basis of accounting, incomes and expenses are recorded as and when they…

Q: Match each account name to the financial statement section in which it would appear. Clear Al…

A: 1. ACCUMULATED DEPRECIATION - BUILDINGS AND LAND IMPROVEMENTS BOTH ARE RELATED TO FIXED ASSETS . 2.…

Q: (a) Explain the purpose of the two accounts:Depreciation Expense and Accumulated Depreciation.(b)…

A: (a) Explain the purpose of Depreciation Expense account, and Accumulated Depreciation account.…

Q: Define the term Accounting for Depreciation?

A: Depreciation:   It is the reduction in the value of an asset due to factors like normal usage or…

Q: hat amount of total assets will be reported?

A: Step 1 Total assets to be reporting in consolidated financial statements is holding‘s assets+…

Q: What would be the adjusting entry to record depreciation each period?   a. Debit Accumulated…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

Q: In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of…

A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…

Q: On a company's balance statement, why are fixed assets depreciated?

A: Fixed asset:  It can be defined as a tangible asset that is used by the business in its production…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: Describe  accounting for depreciation of fixed assets?

A: The depreciation is the reduction in the value of fixed assets with the usage and passage of time.

Q: financial statement does depreciation expense go on

A: Depreciation expense is an estimate of wear and tear caused to a fixed asset due to its use in the…

Q: Describe the relationship between the expense recognition(“matching”) principle and accounting for…

A:

Q: Return on assets

A: Return on assets is computed as net income upon total assets of the company.

Q: Explain why depreciation expense is added back to net income and why an increase in inventories is…

A: A Cash flow statement is a financial statement that provides summarised information regarding cash…

Q: Why depreciation on fixed assets is not recorded in receipts and Payment Account?

A:

Q: How do the asset, revenue and expense accounts differ?

A: The assets and liabilities are posted in the balance sheet that shows the financial position of the…

Q: In the recording of depreciation expense, which account is credited?

A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income…

Q: Which of the following is the correct calculation of book value? a. Cost - Impairment expense b.…

A: Book value (B.V) is the worth of the asset at a specified date.

Q: Depreciation expense is used to

A: Depreciation is gradual decrease in the value of asset due to normal wear and tear, obsolescence and…

Q: The accumulated depreciation account in the statement of financial position will be treated in the…

A: Depreciation: Depreciation is the reduction in the value of the asset for a particular period. It is…

Q: Distinguish between ‘Receipts and Payments Account’ and ‘Income and Expenditure Account’ on the…

A: Table showing difference between" Receipts and Payment Accounts" and "Income and Expenditure…

Q: Explain the term Treatment of Depreciation Expenses?

A: Depreciation is a charge calculated on the value of fixed assets, based on normal wear and tear due…

Q: Match each of the following accounts to its proper balance sheet classification. Accounts Balance…

A: Answer -   A classified balance sheet is a financial statement with classifications like current…

Q: What is the return on total assets given the figures attached?

A: Return on total assets is the comparison of operational income with that of the total assets. It…

Q: Is depreciation expense closed? If so, is it closed to income summary like the other expense…

A: Depreciation Expenses It's crucial to think about how long assets will keep worth as well as how to…

Q: he amount of accumulated depreciation fo O A. cash payments for selling and admi

A: The accumulated depreciation is the sum of the total depreciation expense incurred on a particular…

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

A: Definition: Depreciation: Depreciation is a decrease in the value of the fixed assets over a period…

Q: What is the difference between Accumulated Depreciation and Depreciation expense?  What statements…

A: Accumulated Depreciation is a contra asset, it consists of the accumulated depreciation value since…

Q: How do you decide the liquidity order (what asset come before the other...expenses vs prepaid vs…

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…

Q: how to Determine the total assets

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: How depreciation has calculated all step in details?

A: Financial Statements:-These are statements prepared by the company in order to know its financial…

Q: Accumulated depreciation and depreciation expense are classified respectively as A. Asset, contact…

A: Depreciation is the apportionment of cost of a asset over the life of the asset. Accumulated…

Q: accumulated depreciatio

A: Depreciation shows the reduction in the value of a long term asset over a useful life of the asset.…

Q: Which of the following is a permanent account?     Accumulated Depreciation     Dividends…

A: All the expenses and revenue are known as temporary accounts such as revenue, dividends,…

Q: Can stright line depreciation method be used to manage earnings. Explain

A: A depreciation expense reduces net earnings when the asset's cost is allocated on the income…

Q: What is depreciation, and how is it computed

A: SOLUTION- MEANING OF DEPRECIATION- IT CAN BE DEFINED AS A CONTINUING, PERMANENT AND GRADUAL DECREASE…