Define the accounting concepts

Define the accounting concepts - accounting report

Reference no: EM1373942

Dwayne saw the subsequent information in an accounting report:

Motor Vehicle - $40,000
Less Accumulated Depreciation Motor Vehicle - 12,000

He believes that this seems that if it was sold on that day, the vehicle should have achieved a price of about $28,000.

Is Dwayne right? Justify your answer by describing what is meant by the term depreciation, the role and process of recognizing depreciation in accounting reports, and by identifying the accounting concepts that give the justification for recognizing depreciation.

Reference no: EM1373942

Questions Cloud

What profit earned from the sale of each large poster : Student Enterprises sells 2 sizes of wall posters, a large 3- by 4-foot poster and a smaller 2- by 3-foot poster. The profit earned from the sale of each large poster.

Legitimate decision in computing depreciation : Find decisions that managers like Choi must make in applying depreciation methods and is Choi's rule an ethical violation, or is it a legitimate decision in computing depreciation?

Describe how you would analyze a process : Select one of the six steps for the blueprint for process analysis and describe how you would analyze a process. The process can be for school, work, home project etc.

Example of supply and demand : Sunrise Surf Corporation is considering to create 35 surfboards in a month if it can sell each board for $400. If it can receive $700 for each board, the company is willing to create 75 surfboards.

Define the accounting concepts - accounting report : Justify your answer by describing what is meant by the term depreciation, the role and process of recognizing depreciation in accounting reports, and by identifying the accounting concepts that give the justification for recognizing depreciation.

Explain how you would rate this performance other things : produced free of a particular defect and passed inspection. Based upon Six-Sigma theory, explain how you would rate this performance, other things being equal.

Which variables would you choose contain ten dimensions : your information mart and 5 indicating that the dimension offers the lowest value and does not desire to be in your information mart. Which variables would you choose if your information mart could only contain 10 dimensions.

Explain how the concept translates thought into action : Explain how the concept translates thought into action, bear on the relationship among business strategy and operation strategy among long term and short term objectives.

Explain the procedure to create a forecast decomposition : Explain the procedure to create a forecast using the decomposition method of least square regression.

User Account

All Pages