Depreciation

question 52

Multiple Choice

Depreciation

• A)is calculated by the department that uses the fixed asset
• B)allocates the cost of the asset over its useful life
• C)is recorded weekly
• D)results in book value approximating fair market value

---

Definitions:

Real Property

Land and anything permanently affixed to it, such as buildings and trees, considered a form of real estate.

Personal Property

Items of property that are not fixed to one location and can be moved, such as furniture, vehicles, and electronics.

Classification

The systematic arrangement into categories or groups based on shared characteristics or criteria.

Ascertainable Value

A clear and definite value that can be precisely identified or determined, often used in contexts involving contracts or financial transactions.