non current assets

Question 1

carrying value

Answer 1

is how much of the product you have left to use and what is still left to be used

Question 2

accumulated depreciation

Answer 2

is how much of the product has actually been consumed throughout the years.

Question 3

residual value

Answer 3

is the value of the product at the end of its useful life.

Question 4

effect on the straight line graph

Answer 4

asset= accumulated depreciation will increase which is non current asset decrease.
liabilities= no effect
owners equity= net profit decrease because there is an increase of deprecation expense.

Question 5

assets

Answer 5

is the purchase of something that will benefit the business over a number of periods.

Question 6

expense

Answer 6

is something you use in one period that doesn’t benefit you as much as an asset

Question 7

straight line deprecation

Answer 7

is a method that the same amount is depreciating every year because the revenue capacity is even.

Question 8

cost of sales

Answer 8

is the inventory you buy from a supplier strategy one could be changing to a cheaper supplier or to talk to the supplier for a better price.

Question 9

asset turnover

Answer 9

is comparing the assets to new profit.

Question 10

ethical consideration

Answer 10

The business decisions made by the owner will not only be influenced by financial considerations but also by other ethical considerations including those which are social and environmental in nature. In all consultations and communications, accountants are required to maintain their integrity, impartiality, objectivity and confidentiality.