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acct 2051 > session 15 - fixed assets > Flashcards

session 15 - fixed assets Flashcards

1
Q

Using the straight-line method, what is the depreciation charge per year?

A

Depreciation charge = (Historical cost - Salvage or Residual value) / Estimated Life

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2
Q

What is the formula for net book value (NBV)?

A

NBV = Historical cost - Accumulated Depreciation

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3
Q

What is the formula for impairment loss?

A

Impairment Loss = Net book value - fair market value

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4
Q

What is the formula for depreciable value/cost to be allocated?

A

Depreciable value = Historical cost - Expected salvage value

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5
Q

What is the formula for a gain/loss on an asset

A

Gain/Loss = Proceeds - NBV

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acct 2051 (5 decks)

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