Non Current Assets Flashcards
1
Q
2 types of depreciation
A
straight line
reducing balance
2
Q
is accumulated depreciation a liability
A
no
3
Q
what is carrying value
A
price at cost - accumulated depreciation
4
Q
what is the fixed asset register
A
the auditors will physically inspect the assets and approve them
5
Q
what to debit and credit for depreciation
A
DR depreciation expense
CR accumulated depreciation
6
Q
what is the accumulated depreciation account
A
an offset account for the asset
7
Q
depreciation expense does not have a closing balance, why
A
the closing balance is brought over to the P/L
