Depreciation Quiz
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Questions and Answers

What is depreciation?

  • The increase in the value of an asset over time
  • The decrease in the value of an asset over time (correct)
  • The initial value of an asset
  • The cost of maintaining an asset

    • How does depreciation affect financial statements?

  • It reduces the value of assets on the balance sheet (correct)
  • It increases the value of assets on the balance sheet
  • It has no impact on financial statements
  • It only affects the income statement

    • Which method of depreciation assumes that the asset provides more value in the early years of its life?

  • Units of production method
  • Straight-line method
  • Double-declining balance method (correct)
  • Sum-of-the-years’-digits method

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