Lime Is Used in Farming to Reduce the Acidity of the Soil

question 102

True/False

Lime is used in farming to reduce the acidity of the soil. The chemical name for lime is calcium oxide. When water in the soil reacts with lime, the formula of the base formed is Ca(OH)₂.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial statements.

Sum-Of-The-Years'-Digits

An accelerated depreciation method that calculates annual depreciation by adding the asset's expected life years, assigning weights to each year, and depreciating more heavily in the earlier years.

Depreciation Estimates

Projections or calculations of the reduction in the value of an asset over time, used for accounting and taxation purposes.

Prospective

Pertains to future events or conditions as they are expected to happen or be considered for planning and decision-making.