All of the Following Items Would Be Reported as Other

question 155

Multiple Choice

All of the following items would be reported as other expenses and losses except

• A) freight-out.
• B) casualty losses.
• C) interest expense.
• D) loss from employees' strikes.

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Definitions:

Fully Depreciated

Fully Depreciated refers to an asset that has reached the end of its useful life, and its book value is equal to its salvage value in the financial records.

Double Diminishing-Balance

A method of accelerated depreciation which charges depreciation at a higher rate in the early years of an asset's life.

Accumulated Depreciation

The total amount of an asset's cost that has been allocated as depreciation expense over its useful life.