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If depreciation is not charged profit and the balance sheet total will be higher. In the UK, Financial Reporting Standard (FRS) 15 states that depreciation must be charged on all fixed assets. The only exeption is where an asset is held as an investment property and fair value adjustments are made.
What else can I help you with?
Where does accumulated depreciation go on a multiple step income statement?
accumulated depreciation is a part of financial statement while its counteract or effect is recorded into income statement as a Depreciation Expense.
Does a charged object effect an non charged object?
No.
Which statement best describes prince Henry the navigator's effect on European exploration?
Prince Henry's financial support enabled improvements in mapmaking and supported expeditions
What is the role of debit and credit in financial statement?
The role of debit and credit is about dual effect, which its requirement is debit side equal credit side for each transaction.
If charged with a felony drug possession charge or a drug sales charge can your check be stopped?
Any criminal charges against you should have no effect on your ability to conduct financial transactions.
How do you find out when an account on your credit report was closed?
Each entry on your credit report that reports financial activity is called a "tradeline". If an account was closed, charged off or paid off, it will have a statement under the tradeline to that effect. A word to the wise...never close an open tradeline - even if you are not using it. When you close a tradeline your credit score will drop to some degree.
What is an if an then statement?
statement is a cause and effect statement. If addresses the cause and then address then effect. For example if I crave chocolate then I will have a mint instead. They are often used to cause change in habits.
What is the meaning of Tax allocation?
Tax allocation is the process of apportioning the effect of tax among the various income statement items and among the various accounting periods so that the financial statemnets can reflect the true financial picture of the company as of a specific period and date.
What is materiality and inmateriality in an audit?
Materiality is the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement. While that the relevant financial statement bases and presumptions on the effect of combined misstatements or omissions that would be considered Immaterial. It does not affect the financial statement.
How a change in accounting principle will be reported in the financial statement?
A change in accounting principle is typically reported in the financial statements retrospectively, meaning that prior periods are adjusted as if the new principle had always been in effect. The cumulative effect of the change is usually reflected in the retained earnings at the beginning of the earliest period presented. Additionally, the financial statements should disclose the nature of the change, the reason for it, and its impact on the financial statements. This ensures transparency and helps users understand the effects of the change on the company’s financial position and results.
A charged object does not affect an object that has no charge?
This statement is not accurate. A charged object can still interact with an object that has no charge through electrostatic forces. The charged object can induce a charge on the neutral object and attract or repel it, depending on the type of charges involved.
What is account statement?
An account statement is a record of transactions and their effect on bank account balances.
