Once the Estimated Depreciation Expense for an Asset Is Calculated

question 29

Multiple Choice

Once the estimated depreciation expense 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 cannot be changed due to the consistency principle.

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Definitions:

Cytoplasm

The jelly-like substance within a cell, excluding the nucleus, that contains organelles and is the site of most cellular processes.

Cytoplasm

The jelly-like substance within a cell that surrounds the nucleus and is where most cellular activities occur, including metabolism and growth.

Anatomical Directions

Terms used to describe the locations and relationships of structures in the body relative to each other, such as anterior, posterior, superior, and inferior.

Cell Division

The process by which a parent cell divides into two or more daughter cells, essential for growth and repair.