Under the normal convention of accounting, assets are shown in the balance sheet at:
A company uses the straight line method of depreciation for its plant and machinery. Depreciation is at a rate of 20% per annum.
A major item of machinery was purchased in 2003 at a cost of $240,000. At the time, it was estimated that the plant had an estimated useful life of five years and a residual value at the end of its useful life of $20,000.
As a result of rapid changes in technology it was decided to sell the machinery in 2006 for $80,000. It is the company's policy to charge a full year's depreciation in the year of acquisition and none in the year of disposal.
What was the profit/loss arising on the disposal of the asset?
There are four separate but related bodies which control the setting of International accounting standards (IFRS's).
Which THREE of the following are included in the standard setting process?
The owner of a business takes goods from inventory for his own personal use
Which of the following accounting concepts would be relevant to this transaction?
A trial balance should be extracted from the ledger accounts prior to preparing the final accounts because:
Lera
1 months agoNaomi
2 months agoSheridan
5 months agoBasilia
6 months agoNguyet
7 months agoStevie
7 months agoDanica
8 months agoJeannetta
8 months agoAnnmarie
8 months agoNatalya
9 months agoLili
9 months agoLucille
9 months agoSonia
10 months agoAllene
11 months agoGerry
11 months agoMarshall
11 months agoKasandra
11 months agoHerschel
11 months agoGerardo
12 months agoGalen
12 months agoTequila
1 years ago