Once the Estimated Depreciation for an Asset Is Calculated

question 31

Multiple Choice

Once the estimated depreciation 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 may be revised based on new information and any changes are accumulated and recognized when the asset is sold

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Definitions:

Etic Approach

A research approach that studies cultures from the outside, using universal categories and concepts that may not necessarily align with those of the subject culture.

Universal Aspects

Characteristics or principles that are common across all cultures and societies, often considered fundamental to human nature.

Physiological Reactions

Automatic responses of the body to internal or external stimuli, including changes in heart rate, hormone levels, or muscle tension.

Psychological Reactions

Emotional or mental responses to specific stimuli or situations.