Reference no: EM132995966
Problem 1: Which of the following most accurately reflects the concept of depreciation?
Group of answer choices
Option 1: The process of charging the decline in value of an economic resource to income in the period in which the benefit occurred.
Option 2: The process of allocating the cost of tangible asset to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset.
Option 3: A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the asset.
Option 4: An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair value of the asset.
Problem 2: Which of the following is true when a depreciable asset acquired three years ago at P1,000,000, with estimated useful life of 10 years, and initially depreciated using straight line method is now depreciated using SYD?
Group of answer choices
Option 1: The depreciation expense in the current year is the same in previous years.
Option 2: The amount of depreciation expense in the current year is lower by 50% compared in depreciation expense in year 3.
Option 3: The amount of depreciation expense next year is lower by 25% compared in depreciation expense in the current year.
Option 4: The amount of depreciation expense in the current year is higher by 75% compared in depreciation expense in year 2.
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