Accelerated depreciation - Study guides, Class notes & Summaries

Wall Street Prep Exam 2024 Questions and Answers (Do companies prefer straight-line or accelerated depreciation? - ANSWER-For GAAP reporting purposes, companies generally prefer straight-line depreciation. That's because a company will record lower depreciation in the early years of the asset's life than if they had used accelerated depreciation. As a result, companies using straight-line depreciation will show higher net income than under accelerated depreciation. Do companies depreciate l...

ABC analysis - ANS>inventory control system that divides the inventory into three classes: A, B, and C, depending on the value and importance of the item accelerated depreciation method - ANS>allows asset own to take greater amounts of depreciation during early years of asset's life, defers some of the taxes until later years acceptable quality level (AQL) - ANS>quality standard that allows for a prespecified number of defects acceptance - ANS>an assent to an offer in accorda...

Test Bank for Analysis For Financial Management 13th Edition Robert Higgins, Jennifer Koski, Todd Mitton-TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Current liabilities are defined as liabilities with a maturity of less than one year. ⊚ true ⊚ false 2) A decline in the Net Property, Plant, and Equipment account between year-end 2020 and year-end 2021 is a clear indication that fixed assets were sold during 2021. ⊚ true ⊚ false ...

The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. : Abandonment Tenants cannot sign away their rights in advance of signing the lease. : Abrogation A condensed version of the history of title to a particular parcel of real estate as recorded in the county clerk's records; consists of a summary of the original grant and all subsequent conveyances and encumbrances affe...

FBLA Accounting 1 Questions and Answers Rated A+ Return on investment The ration of the money earned on investment relative to the amount of the investment. Real property Land and anything attached to the land. Personal property All property not classified as real property. Assessed value The value of an asset determined by tax authorities for the purpose of calculating taxes. Plant asset record An accounting form on which a business records information about each plant asset. Gain An incre...

ECS1601 Assessment 7 - Alternative 2024 – DUE 2 November 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. Question 1 (5 marks) Maximum word count: 100 words 1.1 Suppose you live in South Africa and have the option to buy proudly South African products or international brands. With reference to the circular flow of goods and services and the circular flow of income and spending between households, firms, government and the foreign sector, provide an explanation as to why...

Balance Sheet correct answers Attempts to describe the financial condition of the firm at a point in time. Includes: Assets, Liabilities, & Equity - "net assets" what remains after deducting liabilities from assets.. Income Statement correct answers Presents the results of the operations of an entity over a peroid of time. Includes: Revenues, Expenses, Income, Gains & Losses Statement of Equity or Statement of Retained Earnings (Capital) correct answers Bridges the gap between the inco...

Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses which are considered catastrophic, Earthquake, snow slides,...

MAJOR FIELD TEST BUSINESS STUDY SET 2024 ;PERFECT WILL PASS!!!! Balance Sheet - Attempts to describe the financial condition of the firm at a point in time. Includes: Assets, Liabilities, & Equity - "net assets" what remains after deducting liabilities from assets.. Income Statement - Presents the results of the operations of an entity over a peroid of time. Includes: Revenues, Expenses, Income, Gains & Losses Statement of Equity or Statement of Retained Earnings (Capital) - B...

Accelerated Cost Recovery System (ACRS) - ANSWERSUNMODIFIED system used for property placed in service after 1980 and before 1987. Alternative Straight-Line Depreciation System - ANSWERS• A MACRS system of depreciation using the STRAIGHT-LINE method over an alternative recovery period. • Choosing either Straight-Line methods for personal-type property, requires doing so for ALL assets in that class placed in service in that year. Asset - ANSWERSAn item of useful or valuable property. ...