10 Questions
What is the depreciable amount of an asset?
Cost of the asset
When does depreciation start for an asset?
When the asset is available for use
What does residual value of an asset represent?
Estimated value of the asset at the end of its useful life
How is useful life of an asset determined?
Based on significant managerial judgment
What does depreciation represent in the income statement?
The systematic allocation of the depreciable amount of an asset over its useful life.
In financial statement notes, which item is listed under Note 8?
Fixed Assets
What does Note 3 in financial statement notes specifically disclose?
Interest on Borrowings
Under which note would one find information about Secured Loan?
Notes 7
What does Note 9 in financial statement notes cover?
Current Assets, Loans and Advances
Which item is not included in the respective notes as per the provided text?
'All items in respective Notes are not included' is not included.
Test your knowledge of depreciation methods with this quiz. Learn about the systematic allocation of depreciable amount of assets over their useful life and its impact on the income statement.
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