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Define Reserve
Reserve refers to the amount set apart out of profit and other surpluses to meet future risks.
Reserve refers to the amount set apart out of profit and other surpluses to meet future risks.
See lessState two characteristics of Provisions.
The two characteristics of Provisions are. Provision is an amount set aside to meet a future expense. Provisions are recorded as a current liability in the balance sheet.
The two characteristics of Provisions are.
Provision is an amount set aside to meet a future expense.
See lessProvisions are recorded as a current liability in the balance sheet.
Define Provisions.
The amount retained by way of providing for any unknown liability of which the amount cannot be detained with substantial accuracy.
The amount retained by way of providing for any unknown liability of which the amount cannot be detained with substantial accuracy.
See lessWhat is the formula of a depreciable cost?
Depreciable Cost= Cost of Asset – Scrap Value
Depreciable Cost= Cost of Asset – Scrap Value
See lessWhat is the scrap value or residual of an asset?
The scrap value or residual of an asset is the estimated sale value of the assets at the end of its useful life.
The scrap value or residual of an asset is the estimated sale value of the assets at the end of its useful life.
See lessState the two factors for determining the amount of depreciation
The two factors for determining the amount of depreciation are The total cost of the asset The estimated useful life of the asset
The two factors for determining the amount of depreciation are
The total cost of the asset
See lessThe estimated useful life of the asset
Give two objectives of Depreciation
The two objectives of depreciation are To determine true profit. To create funds for replacement of assets.
The two objectives of depreciation are
To determine true profit.
See lessTo create funds for replacement of assets.
What causes depreciation
Depreciation is caused by By constant use By the expiry of a time
Depreciation is caused by
By constant use
See lessBy the expiry of a time
Define Depriciation.
Depreciation is defined as continuing or permanent decrease in the quantity, value, and quality of assets.
Depreciation is defined as continuing or permanent decrease in the quantity, value, and quality of assets.
See lessGive an example of principal error
Principal error can be represented by the following example: When a purchase of furniture is debited to purchase account instead of a furniture account.
Principal error can be represented by the following example:
When a purchase of furniture is debited to purchase account instead of a furniture account.
See less