Accumulated dep - Study guides, Class notes & Summaries

Texas All Lines Adjuster Test-Questions and Answers 2023 Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER-The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect a...

Texas All Lines Adjuster Test - Questions And Answers Accumulated Depreciation - The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - A valuation method used by insurers to reflect an item's current market value rig...

Costs that aren't capitalized examples insurance, small dollar amounts, interest on loans, ordinary repairs/maintenance Depreciation on income statement is called depreciation expense Depreciation on balance sheet is called accumulated depreciation Depreciation effects on the acct equation Assets: -accumulated dep. SE: -depreciation exp. Book Value formula cost - accumulated depreciation (net value on balance sheet) Straight Line depreciation (cost-residual value) x (1/useful life) Units ...

Texas All Lines Adjuster Test 2023 Accumulated Depreciation - ANSWER The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - ANSWER A valuation method used by insurers to reflect an item's current mark...

Texas All Lines Adjuster Test - Questions And Answers Accumulated Depreciation - The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - A valuation method used by insurers to reflect an item's current market v...

Cost allocation overview: what is the logical allocation of acquiring property, plant and quipment and intangible assets - correct answer Property plant and equipment and intangible assets are purchased with the expectation that they will provide future benefits and are acquired specifically to be used as part of the revenue generating expenses so logically the costs of acquiring the assets should be allocated to expense during the reporting periods benefited...

Accounting Final Wiley Plus Questions and Answers | Latest Update | Graded A+ A company issues common stock for $30400 and uses $22800 of the cash to purchase a truck. What is the cumulative effect of these two transactions? equity will be reduced by $30400 A company purchased factory equipment on April 1, 2017, for $98900. It is estimated that the equipment will have a $12500 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the am...

Liberty University ACCT 370 Exam 1 Complete solution EXAM A GRADE 20232024 Liberty University ACCT 370 Exam 1 Complete solution EXAM 1. 1. 2. A 3-for-1 stock split will reduce the per share par value and will 34.. 5. 2. 6. accounting errors or irregularities can occur for what reason? 78.. 10. Accrual accounting net income can differ from operating cash flows for all of the following reasons except: 9. 3. 13. 4. A) future pension and ...

Basic Appraisal Principles - Chapter 1 Study Guide Already Graded A Which characteristic would NOT be associate with a good appraiser? A) Diligent B) Biased C) Competent D) Honest B) Biased An appraiser is defined as "one who is expected to perform valuation services _________, and in a manner that is independent, impartial, and objective." A) Realistically B) Promptly C) Obediently D) Competently D) Competently Which college-level course would probably be LEAST helpful to an appraise...

What is a partnership? - ANSWER-is an association 2 or more persons to carry on as co-owners of business assets Characteristic of a partnership - ANSWER-Mutual agency, Association of individual, Unlimited liability, limited life, co-ownership Forming a partnership account entry - ANSWER-Debt cash and assets, credit allowance and owner equity Remember about accounts receivable, fair value, and allowance. - ANSWER-Accounts receivable remains the same, fair value and allowance is always wh...