All the Following Are Needed for the Computation of Depreciation

question 203

Multiple Choice

All the following are needed for the computation of depreciation except

• A)training costs of manufacturing personnel.
• B)cost.
• C)salvage value.
• D)estimated useful life.

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Definitions:

General Ledger

A thorough collection of financial records that documents every financial transaction undertaken by a business.

Adjustments Credit Column

The part of a financial or accounting document where adjustments are made to credits, increasing the value of certain accounts.

Merchandise Inventory

The inventory of products that a retailer plans to sell to customers, accounting for a critical component of its current assets.

Income Summary Account

An account used during the closing process in accounting that summarizes the revenues and expenses of a period to calculate the net income or loss.