Acct7101 past exam paper

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Acct7101 past exam paper

Write a minimum of 30 words for each area listed. No salvage Salvage The simplest most commonly used depreciation method. The straight line depreciation method assigns an equal or even amount of depreciation expense over What are at least four depreciation methods that are available to a company?

What are the similarities and the differences? The Activity Method, which is also known as the variable charge or units of production method. With this method, we consider the productivity and not the passage of time.

The life of the asset is considered by the output and the input Factors Involved in the Depreciation Process 1. What depreciable base is to be used for the asset? What method of cost apportionment is best for the asset?

Depreciable Base for the Asset The base established for depreciation is a Airline Depreciation Introduction Our team will assess four airlines based upon the different methods of depreciation, useful life, and residual value utilized.

Acct7101 past exam paper

The accounting policies reflect the airlines Part I discusses the policies and procedures for the statement of operations, the corn flows statement, and performance measures.

Part II consists of the policies and procedures for the statement of position, the performance measures for statement of position, and the effects of the mice problem on all three statements. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.

Prepare the journal entry to record the sale.

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The primary cause of the current system to fail is the use of a single burden rate. Burden costs of the testing rooms as well as other costs such as admin were grouped into a single cost pool and then divided by the total labor dollars. This method is not appropriate for Seligram because the information on the case present that direct labor hours and machine hours vary by product line and activity.

As those amendments have an effective date after 1 January they are not included in this edition.

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On the income statement, this expense appears as a charge against income, that is, it is subtracted from sales revenues to produce a lower reported income. Over the years and at different periods in time, depreciation has meant different things to different people.

Currently, the product line is projected to have a stagnant sales of 1 million units for the next seven years from to The unit price is expected to decrease slightly by 1 percent per year during the same period.

Acct7101 past exam paper

After knee surgery, your trainer tells you to return to your jogging program slowly. He suggests jogging for 12 minute each day for the first week. Each week thereafter, he suggests that you increase that time by 6 minutes per day.

How many weeks will it be before you are up to jogging 60 minutes per day? With many Indian companies on a growth track, capex activities like building a new factory, buying new machinery etc are constantly going on.

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But with purchase of new assets comes the frequently heard term i. All of us must have heard about depreciation and know that it is deducted before arriving at Net Profit.

However, not many of us are aware of its The word 'Depreciation' has been derived from the Latin word 'Depretium' which means 'decline in price' or 'value'. Depreciation relates to fixed assets which loose value on account of usage. Therefore 'Depreciation' means decline in value of fixed assets on account of usage.

Depreciation may be defined as the permanent and continuing diminution in the quality, quantity or the value of an asset. William Pickles Depreciation in the shrinkage in the value of an asset at a given date Diaz Company was organized on January 1.

During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Full payment to building contractor3. Real estate taxes on land paid for the current year 5, 4.Types of Business Organisations Proprietorships or sole trader has a single owner, called the proprietor, who is often also the manager.

Separate accounting entity. Not separate legal entity. Not separate taxable entity. Unlimited liability – owner personally liable for debts of business. Partnership joins two or more individuals together a co-owners.

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Past papers are free to download. Previous question papers, information sheets and . Jan 01,  · Associate Level Material Assignment Form Use the following form to address the five methods of computing book depreciation for health care organizations: QUESTION ANSWER – Do not forget to list references at the bottom of the paper.

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