Once the Estimated Depreciation for an Asset Is Calculated

question 31

Multiple Choice

Once the estimated depreciation for an asset is calculated

• A)It cannot be changed due to the historical cost principle
• B)It may be revised based on new information
• C)Any changes are accumulated and recognized when the asset is sold
• D)The estimate itself cannot be changed,however,new information should be disclosed in financial statement footnotes
• E)It may be revised based on new information and any changes are accumulated and recognized when the asset is sold

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Definitions:

Virtually Nonexistent

A term used to describe something that has such a minimal presence or is so rare that it is almost or completely absent.

Rising Steadily

A consistent and ongoing upward movement or trend in a particular variable, such as temperature, prices, or economic growth.

Most Common

Referring to the most frequently occurring or prevalent in a certain context or category.

Patterns Of Robbery

Recurrent methods or trends identified in the act of stealing, often analyzed by law enforcement to predict and prevent future incidents.