10 non current assets and depreciation

Question 1

journal entry for an asset which we expect to hold for more than one accounting period

Answer 1

Question 2

what do we assume the residual value is unless told otherwise

Answer 2

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Question 3

carrying amount calc

Answer 3

Question 4

straight line depreciation calc

Answer 4

Question 5

what is reducing balance depreciation

Answer 5

Question 6

what is the exam smart technique for calcing the reducing balance depreciation (equation)

Answer 6

Question 7

explain ‘fall in value’ (impairment loss) and the calc for recoverable amount

Answer 7

Question 8

explain accounting for depreciation

Answer 8

Question 9

explain non current assets disposals (highly examinable)

Answer 9

Question 10

what are the three steps for accounting for non-current asset disposals

Answer 10

Question 11

what are the three steps for accounting for disposals given in a part exchange

Answer 11

Question 12

what is contained in the asset register

Answer 12

Question 13

what are the purchased intangible assets

Answer 13

Question 14

explain internally generated intangible assets (development costs) and the dr and cr

Answer 14

Question 15

exam smart around intangible assets in long form questions

Answer 15