which-of-the-following-represents-an-event-that-is-less-routine-when-accounting-for-long-term-assets

Question

Which of the following represents an event that is less routine when accounting for long-term assets?
A. recording an asset purchase
B. recording depreciation on an asset
C. recording accumulated depreciation for an asset or asset category
D. changing the estimated useful life of an asset

Puneet Prajapati · Accepted Answer

Okay, so we are going to start the golden rule. Okay. However, these rules will be applicable. Two are becoming subject. So please, I don&#x27;t know one of your books off the genitals. So in a reason. Six burial expenses. We always give up. Never do those ago. Okay. However, in case off degrees in that states and expenses Okay, we will give up credit with them. Next, come to number two. However, there are two rules, and those two rules will be covering five. Title becomes first account. Six second one is expenses. And later they&#x27;re just leave me are going Google it. So Mr Ford needed increasing liability Catholic then and driven you. Okay, they will give up ready to them so you can see these are just a board itself. The second expense there be. We&#x27;ll be having Tepito, a sick and expensive case off increase. Okay, So in case of the crazy sanity, Captain and revenue, there is a corresponding damage. Get so from these from these words, we record all the general entries in other countries. Okay, on the counter and follow these rules because the Jalen, please. Okay, so no. Nice start with, uh example. Okay, Lattice oppose the okay. And he does do business off financial. Okay, No work. Depends. They didn&#x27;t. Mr. C, Who is working on the Oh, Mr Be okay. No, there is a painting. Celery off $1000. Okay, which has to be paid to Mr C by it. Mr. I&#x27;m Mr Okay, So what type of accounting and three be able pass to show this effect. Okay, No, make us understand in the next year. So first of all, we will understand that there is an increasing expects by there. So because if Mr C has worked for mystery, then there will be increasing expense now because Mr has to pay $1000 to Mr C so they will be increasing expense. Okay, However, the payment has not being made. Bye, Mr A. Okay, So back women becomes spending at the mystery. Okay? It&#x27;s black. It&#x27;s life that Let&#x27;s say, suppose you haven&#x27;t heard any collect interest of gen very much and you have no these expenses. Now you have come into very much. Okay, So those January expansions for generally money will become fending off. You can say outstanding. So for increasing expensive given average. Okay. Morning freezing, expensive with magnetic and for increasing liabilities. You gonna give up? Okay, so how do we regard this? It&#x27;s like savvy ago. Dabiq. $1000. Who? Celery. Outstanding. Go okay by the same level. $1000. Okay, for this is the general angry? We are going to the card or expense off celery. Okay. Not being not being his enemy to Mr Mr C. Okay, So in the current case, also, we are going to be expense. Okay? Which means which we have precision. Okay, that position for creating a live will be against this position expense. Baby, create accumulated deposition. Okay, so it is. It is theological answer for about correct portion. Okay, that is increasing expense. However, we&#x27;ve be operating a library if you transfer this expense. Who? This is increasing liability. Also, I didn&#x27;t pay these expenses so that this so lately when we have just shown to you that that matches with sorry that matches with joy. See, so choices, choices. Correct. However, you can write down shake number one. This is very important for you. What? Your reference number to shake number three on, you know, boost working difference, however, which I see is okay. That&#x27;s all part of a solution. Thank you.

Puneet Prajapati · Answer

Okay, So you are going to understand They don&#x27;t deposition, Okay? Little concepts. That How movie? The Gordie charging more in that position. Expense. Okay. The 1st 2 the amount off expense, most of the amount of experience that would be charged. Who comes who? The select beer and off a sect on yearly basis. Okay, so this definition shows that the deposition is an amount which is charged who income and income statement who show that baby is dearly the reason value of the asset, if you will use the except for of it production, Get a city. Okay, let&#x27;s suppose you have purchased the machinery on starting off your business, okay? To produce for nature processed Jaber air chairs and tables like that. Okay, so if you have purchased machine beyond first and very 2019 then let&#x27;s suppose you have purchased off $1000. So will actually remain same or the upcoming years. No, it&#x27;s not revenge. It will be decreasing. Okay. The value will decrease by that. So because it&#x27;s it will be used accordingly. Produced the for me. German. Did it hurt? Okay, so regard the deposition. We have first method that he will do like this. They record two types of entries. Okay, Their position, account epic. Who? A cynical. Okay. And it will be about this is the general in three. Okay, we have passed. Imaginative. So this is a direct entry to the court in that position, Like the deposition will be judged Do the respective, like machine three or any table for nature that is used for business purposes. Okay, so and it is a second mattered. And second method is used very because it very widely in the industry. And there&#x27;s a magnet off for security purposes. Basically. So that position account deputed to acumen into that position. Okay, so so in second method, what we have didn&#x27;t understand first method. Then they will face problems later, toe that however, we will understand. Second method. So it is the expense. It will be transferred to income statement. Okay. Like it down. This is the that. I don&#x27;t before shoot in second shoot for your difference. Okay? And I don&#x27;t do that. Precision expense will be transferred to incoming statement. Then I did actual profit and loss. Okay. However, a community that position will be shown in bed and cheap Okay, Now why do we use second method Will understand this. That&#x27;s first of all. See this? That gift their position expense is charged in first matter. Then I said value is also decreased by the proportionate amount. OK, but in second method, what happens? The assert is reflected and violent Shoot at the actual cost. And the person that it is an expense charge on the early basically transfer through the circle community deposition who see So the identity will be able to see that Helmand deposition expense. We have charged so on. Okay? And how much book value off A sets an actual cost of asserts via having like no one ever Belen. Shit. Okay, so that is right. Accumulator deposition will be transferred to that and cheat. Okay. And back matches that matches. So the solution matches with the choice A. Okay, so the correct choice is choice. Okay. Always you can write. She&#x27;d violent you do for your future reference. That&#x27;s all for our current solution. Thank

Puneet Prajapati · Answer

Okay, So letters understand the medium&#x27;s through which beacon a quiet or initiate the jays tradition, you know, business. And okay, so everyone knows. And most of us knows that there are only two mediums through which we can purchase or acquired any lipo from a TV and 56. Okay, so first is cash business, okay. And 2nd 1 is credit business. So Engadget bases what happens? That&#x27;s a supposed is this and that Offer goods and be departure. So a very transport or delivered Ingles. Okay. And be with make deep in it. Okay, let&#x27;s suppose $100. So this is that this is the trial of change, which will involve transfer of goods against depend away, but in case so credit basis transaction. What happens? Evil Deliver the goods. OK, that is very obvious, because otherwise transaction will not be considered to be happened. But be Bill be who? Mr A at a little boy. Let is opposed treatments. Okay. It means the purchase has been made on credit. Okay, now what happens? There is a system which being know as the Arctic your dick invented system. Okay, now what happens in this case if we purchase any item, or we can say any under D applying this this typical mattered if Jesus, Any item, Then it&#x27;s Children Car, the journal entry in the falling minute leg. First of all, it really Deborah deeper cheeses, but Jesus, let&#x27;s see, actually singular. So purchase account debit. Who Cash? Who gets it by there. So let&#x27;s suppose then you meet Is purchasing di item in cash? Okay, so entity is being the supplier in cash phone who punches. So purchase is to denote the items are raw material that has been purchased from the supplier. Okay. And cash has been done to denote that cash cash is being paid open cheese a property so we can understand that they deserve the full effect off the production. Right? Didn&#x27;t like this. The full effect. Oh, every fine and shipped on it. Okay, so we have I didn&#x27;t defied that. What are the accounts? That will be effective, you know, in games off entity, applying periodic in rental system. So that is so that matches with Joyce. Okay. Okay, that this cash and purchase Okay, So we will write. Have a choice. So I say is the correct answer. However, you can drive down angry. So okay, who get a better future difference? I have a choice is the correct answer.

Puneet Prajapati · Answer

Okay, so we will understand nights off, but just on a chip. Okay, So we everyone know. Okay, Everyone knows that to how many mediums weekend conduct our apologies off any day. Okay, so out off those who are most popular that oneness. Okay, so one off. Not the most popular, however, most no matter to everyone that this gash basis party storage, like ve vill lame that supported there will be a transaction with Mr A and Mr B. So Mr even supply goods okay, on Mr B will be dollars, $1,000,000 cash injured ALOF words. Okay against the Kurds delivered to Mr B. Okay, this is the catch my sister now in this direction, what happens there are who respects off this under chip. Okay, because off financial transaction will always have who respects or we can see a double effect. So? So the first effect is the moment off cash from Mr B two mystery and second bonus stop that is being moved from Mr A. Mr B. Okay. However, when we come to of a second type of production, that was the most popular one matter. Okay, I did basis replaces what happens in credit basis. However, Mr Able deliver groups. Okay, that is obvious. But what will happen, Mr Beaven say that mystery. I will pay you at a later point in time like within one month. Okay, But then one month, $1000 Good people. Now, in this transaction, there are also due respects because I have said that often. And Children ricin will always have a prolific. So it will be, of course, stark effect because the goods are being moved from his tip. Mr B. No, there is a second respect. Okay, on that set second inspectors prettiness. So craters are the are the persons or the entities which are to be here by the persons who have received goods and services from the craters. So in the Given kids, Mr B has received gentle business from mystery. So he has to pay $1000 with environment. So Mr B will be greater So you can draw Adaline so that you will be. And you would be able to understand that in this case we will be right. So the f I didn t fight that type of accounts we will need. They will be needed to the court The been recording deputies. Okay, so now that matches without Joyce. So I see. Because then recording approaches. They can be medical matters our better, Most important method. Sorry, who Most important methods are cash basis and created basis and the falling type of house we can use. However, in place off straight as we can use accounts people. Okay, so craters and accounts people can be used interchangeably. However, choice is the correct answer, okay?

Puneet Prajapati · Answer

Okay, So via understand, Do you mean routine? Okay. And how do we arrive? The do you know things better? It&#x27;s OK. It lead these names. The net effect off revenue and expenses off the business in kitty. In addition, showing their dividend about okay. However, be everything technical definition here, okay? And that technical definition into many concepts, and we will understand it through a simpler example. Okay, let&#x27;s suppose the result There is a company, ABC, help me who is dealing in selling blankets. Okay, So if there is a business, so of course, there is a motive to UN profit also. Okay, so the one profit B B first off all happen, but she has some raw materials who produced blankets. Okay, Then we will find customers to sell the plan case. Okay, so what? We prepare, actually, So we would ve been village in this statement. Okay. Viva paid up. Gender statement. Very. We have one site is the revenues. Which region braid from sail off blankets. Okay. Interesting. Come like we have, like, we have deposits with the bank savings accounts with the bank. So interesting ideas from those deposits. In addition to wear, we have it all for it. Don&#x27;t say it off. A sick and likewise many off items. Okay, so in business, generally these components okay, give rise to the revenue. 40 business. Ok. However, to run the business, we have to income many of the expenses. Yes, I have redone the items on the basis of their priority. Okay, so sale from the money from the sale of blankets, it&#x27;s on the top. And according to you Okay, who started putting person? Come on, staff a property. Now let&#x27;s come first drama TV and there is a business of selling lengthen drama today will be the first most expensive bordered by that station ity. Okay, stay city. Okay. Drinking expense. Now what happens after writing such statement? We either be end of it. Perfect, okay. Or loss. Okay. Know what happens before delighting this profit and loss at this general statement? 11. Okay, district whatever. Be closed on these expenses And these individuals who in Go somebody okay? Please write it down. Lose all items who income somebody. And how do we close down on the items to income summary bypassing the closing imprints. Okay, we will understand how to pass the closing and peace for each item. However, you can industry that these are all the items in the general statement will be transportable Incomes somebody by passing close again, shouldered by that all the items income somebody will be transferred. Who detained earnings? Okay. Who detained in encircled by posse closing it. Okay, so this is the main conclusive definition behavior in here. Okay, after writing the technical definition after understanding them being example. Okay, Please record out. They shoot number Verne do as well as three on being a books off the jet difference. Okay, so take a load off this statement that all the incoming drip in common expenses will be transferred to retain the links on a yearly basis. OK, because you prepared uninterested ones on a yearly basis. And how do we close the income? Somebody items retained by passing, closing empties. Okay, so our solution matches with Joyce V that this losing empty. Okay, So Joyce&#x27;s correct. That&#x27;s all

Problem

Which of the following is true regarding special …

Problem 13 Easy Difficulty

Which of the following represents an event that is less routine when accounting for long-term assets?
A. recording an asset purchase
B. recording depreciation on an asset
C. recording accumulated depreciation for an asset or asset category
D. changing the estimated useful life of an asset

Answer

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Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting

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Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon CooperPrinciples of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting