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Far me > Fixed assets > Flashcards

Fixed assets Flashcards

1
Q

A constructed plant asset

A

capitalizes Materials, Labor, Incremental overhead, and Capitalized interest. Depreciable base is the lower of cost or fair market value

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2
Q

Depreciation expense

A

Is a selling and general admin expense

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3
Q

Double declining balance depreciation

A

Cost x (2/useful life) YR 2 = Cost - YR 1 dep x (2/useful life)

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4
Q

Sum of the Year Digit depreciation

A

(Useful life/sum of useful life 1+2+3 ect.)x (carry value - residual value

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Far me (25 decks)

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