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Questions and Answers
Which method is used for tracking the depreciation of fixed assets?
Which method is used for tracking the depreciation of fixed assets?
- Straight-line method (correct)
- Cash method
- Accrual method
- Double-declining balance method
What is the purpose of recording the disposal of fixed assets?
What is the purpose of recording the disposal of fixed assets?
- To calculate the net book value of the assets (correct)
- To determine the market value of the assets
- To track the depreciation of the assets
- To evaluate the performance of the company
What is the main benefit of maintaining an accurate record of fixed asset disposals?
What is the main benefit of maintaining an accurate record of fixed asset disposals?
- Ensuring compliance with accounting standards
- Increasing shareholder value
- Improving financial decision-making (correct)
- Reducing tax liabilities
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