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Explain the term- Depreciation
This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsolescence. This adjustment spreads cost of an asset over its useful life. Calculate annual amount, then monthly. Depreciation is ALWAYS recorded by debiting an expense account named Depreciation Expense and crediting an account called a "Contra Account" (means offsetting or opposite). Balance of this contra-asset account is a credit-opposite of an asset account. Amount isn't displayed as a credit to asset account, however in a separate contra-asset account. There would be an individual account for every of the items which are being depreciated. Some illustrations would be: office equipment, store equipment, delivery truck, automobile, etc. Land is never depreciated as it's considered permanent and is presumed to last forever. Depreciation only refers to allocation of an asset's cost over its estimated useful life. There are numerous ways to conclude depreciation however this class will only use one-the Straight-Line Method.
The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is liable to pay any FBT and may decide to recover the FBT amount from th
Q. Can you explain about Liabilities? Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
Calculate the amount of assets for Company
implication of applying accounting concepts
Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar
Ask question Discuss the export financing under the deferred payment system.#Minimum 100 words accepted#
What are the golden rule of accounting how to pass journal entry when strating bussines what
types of legancies
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
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