What is the entry for adjusting depreciation of an asset?
Depreciation A/c Dr To Asset A/c
None of these
Asset A/c Dr To Depreciation A/c
If a company revises the estimated useful life of one of its assets being depreciated, the company will need to reissue its earlier financial statements as the earlier depreciation was incorrect & will have to prepare all its books of accounts again.
None of the above
Reduction in the book value of an asset over a period of time is called-
What are the causes of providing depreciation?
Use of asset
Passage of time
All of the above
Depreciation arises because of …………..
Wear & Tear
Increase in value of asset
Increase in the value of liability
Decrease in capital
Which of the following are depreciable assets
- Prepaid expenses