An accounting form on which a business records information about each plant asset. Depreciation

  • salvage value
  • units-of-production method
  • plant asset record
  • loss on plant asset
Answer: plant asset record
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  1. Recording an equal amount of depreciation expense for a plant asset in each year of its useful life.

  2. An asset whose life will extend over more than one accounting period is called a

  3. The original cost of a plant asset minus accumulated depreciation.

  4. The decrease in the value of a plant asset because of the removal of a natural resource.

  5. Revenue that results when a plant asset is sold for more than book value.

  6. The loss that results when a plant asset is sold for less than book value.

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  10. The period during which the asset will help in earning income of business is known as: 2016

  11. What will be the amount of depreciation of plant for fifth year as per straight line method when original cost of plant $1,000,000; Salvage value $40,000 , Expected useful life 10 years?

  12. Which fixed asset is LEAST likely to lose its value over time?

  13. Which of these produces higher amounts of depreciation expense in the early years of the life of an asset?

  14. Depreciation of an asset should not exceed the: 2015

  15. If original cost of an asset is Rs. 10,000, rate of depreciation 10 % p.a. then the value of depreciation under diminishing balance method after third year will be: 2016

  16. The decreases in the value of intangible asset is known as: 2019

  17. What is the total amount whatsoever received by selling used or obsolete asset or its spare parts known as?

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