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If you are involved in a car wreck are you entitled to depreciation after the wrecked car is fixed?

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βˆ™ 2006-08-27 02:02:11

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no.

2006-08-27 02:02:11
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Related Questions

Is depreciation on fixed asset included in cashflows?

Depreciation on fixed assets is added back to net income for preparing cash flows from operating activities because there is no actual cash flow involved in depreciation transaction.


Is depreciation fixed cost?

Yes depreciation is fixed cost because it do not vary with the volume of production and remained fixed whether any production or not.


Is accumalted depreciation a liability?

Accumulated depreciation is contra account to specific fixed asset to calculate the depreciation so that's why accumulated depreciation is shown in liability side or as a deduction from fixed asset.


Fixed asset depreciation schedule?

Fixed asset depreciation schedule shows the calculation of yearly depreciation expense which is scheduled to be charged to income statement for all fixed assets and the total amount of depreciation applicable to specific income statement of business.


What are the types of depreciation?

There are three types of depreciation. Fixed Installment, Diminishing balance and Component Depreciation.


What is entry for depreciation?

[Debit] Depreciation expense[credit] fixed asset.


What is fixed depreciation?

Unavoidable depreciation factors like age of the object.


Why is depreciation charged on fixed assets?

Depreciation is charged to fixed assets so that cost of fixed assets can be allocate to all those fiscal years in which that fixed assets is used.


Fixed assets reduces profits in balance sheet?

depreciation of fixed assets reduces the profit as depreciation is also an expense.


Depreciation on Fixed Asset is a operating expenses or not?

Depreciation on Fixed Asset (Furniture, Building) are considered as Non-Current Assets


What is the journal entry for fixed asset depreciation?

(Debit) Depreciation account xxxx (Credit) Fixed asset account xxxx


Sum of the year depreciation?

In sum of year digit depreciation method depreciation is charged based on total number of years fixed assets is usable in business instead of using any percentage or fixed amount of depreciation.


Is depreciation and amortization a fixed cost?

no


Can you refer depreciation as fixed cost?

no


Depreciation is provided on?

on Fixed Assets


Is depreciation of sales facilities a fixed or variable expense when calculating contribution margin?

According to my text book, depreciation is a Fixed cost


Which fixed asset their no charge depreciation?

Land is the only fixed asset which has no depreciation charge because land does not depreciate it's value.


If fixed asset are properly maintained depreciation is unnecessary. do you agree?

if fixed assets are properly maintained depreciation is unnecessary.do you agree


What is depreciation of fixed assets?

depreciation fixed assets means to allocate the cost of fixed assets to all those fiscal years in which assets is used for revenue generation.


Worth of fixed asset after depreciation?

definitely the worth of a fixed asset decreases after charging depreciation on it, because the efficiency of the fixed asset decreases with the every next financial year.


Is depreciation cost variable or fixed costs?

Depreciation is a fixed cost as it does not vary with variation in production volume and even charged when there is no production at all.


Is depreciation a controllable cost?

No. Depreciation would be considered an uncontrollable cost because it is fixed


What is the journal entry for depreciation expense?

Debit depreciation expenseCredit fixed asset


Can depreciation on a Fixed Asset be carried as a contra-asset on its own line on the balance sheet or does it have to be deducted from the Fixed Asset?

Depreciation of a Fixed Asset is always carried on the Balance Sheet in the Accumulated Depreciation Account (contra-asset). It is never deducted from the Fixed Asset.One reason for the Accumulated Depreciation account is that eventually, individual assets will be fully depreciated and their net values will be zero. If the depreciation were deducted from the asset, it would "fall off" the balance sheet. The accumulated depreciation account allows the assets to remain at book value in the asset account to maintain their visual presence on the books.The depreciation entry debits depreciation expense and credits accumulated depreciation.


What is difference between accumulated depreciation and depreciation expenses how are they related?

Depreciation is a charge to the Profit and Loss account or Income statement that shows the charge to a fixed asset (or group of fixed assets) in that period. Accumulated Depreciation is the total depreciation charged to that fixed asset since it was purchased and is shown in the balance sheet reducing the value at purchase to the value at which it is currently held (its Net Book Value).