Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. once the estimated depreciation expense for an ass

Once the estimated depreciation expense for an asset is calculated: Multiple Choice It...

50.1K

Verified Solution

Question

Accounting

Once the estimated depreciation expense for an asset is calculated:

Multiple Choice

  • It cannot be changed.

  • The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes.

  • It can be changed only if U.S. tax law changes.

  • Any changes are accumulated and recognized when the asset is sold.

  • It may be revised to reflect changes in the assets estimated salvage value or useful life.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

What does the correlation between the returns of two risky assets measure? Why should investors care...

Chemistry
1.2K views

9. Calculate the freezing point and boiling point of the following aqueous solutions, assuming complete dissociation: (a) 10.5...

Biology
1.2K views

How would you distinguish a mesotrophic lake diatom assemblage from a eutrophic assemblage in a sediment...

Mechanical Engineering
1.2K views

For a bicycle, the nominal diameter of the outer race of a ball bearing and the...

Algebra
1.2K views

Determine whether the set S spans R. If the set does not span R3, then...

Algebra
1.2K views

Processing times are given in hours in the following table J2 J J2 J3 Among...

Accounting
1.2K views

A maintenance manager of a theatre is most likely to be responsible for a(n) A....

Accounting
1.2K views

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are...

Accounting
1.2K views

Explain why the auditor's role in program development and acquisition should be limited.

Accounting
1.2K views

Match each of the following cost items with the value chain business function where you...

Accounting
1.2K views

please help asap ... Identify the ISSUES , ANALYSIS (QUALITATIVE AND QUANTITATIVE), and RECOMMENDATIONS.....

Finance
1.2K views

(Break-even analysis) Niece Equipment Rentals of Del Valle, Texas, has recently been approached about the...