Depreciation
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of depreciation?
Back
To adjust the cost of an asset over time.
2.
FLASHCARD QUESTION
Front
Which type of depreciation is used to calculate the value of an asset over its estimated useful life? Options: Straight-line depreciation, Sum-of-the-years digits depreciation, Unit-of-production depreciation, Double-declining balance depreciation
Back
Straight-line depreciation
3.
FLASHCARD QUESTION
Front
What is the formula for straight-line depreciation? Options: Depreciation expense = (Cost - Salvage value) / Useful life, Depreciation expense = (Cost - Salvage value) x Useful life, Depreciation expense = (Cost - Salvage value) x 2 / Useful life, Depreciation expense = (Cost - Salvage value) / 2 x Useful life
Back
Depreciation expense = (Cost - Salvage value) / Useful life
4.
FLASHCARD QUESTION
Front
Which of the following is NOT an example of an intangible asset? Goodwill, Equipment, Patents, Trade names
Back
Equipment
5.
FLASHCARD QUESTION
Front
What is the purpose of the salvage value of an asset?
Back
To represent the estimated value of the asset at the end of its useful life
6.
FLASHCARD QUESTION
Front
What is the term for the value of an asset at the end of its useful life?
Back
Salvage value
7.
FLASHCARD QUESTION
Front
What is the effect of depreciation on the value of an asset?
Back
Decreases the value
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