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Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the main reason for switching depreciation methods?
💡 Hint: Consider why businesses want to accurately reflect asset value.
Question 2
Easy
List two depreciation methods discussed.
💡 Hint: Think of the methods that show different depreciation schedules.
Practice 4 more questions and get performance evaluation
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary reason companies switch from DDB to SL methods?
💡 Hint: Focus on the relationship between book value and salvage value.
Question 2
True or False: The Straight-Line method will always result in a higher depreciation expense than the Double Declining Balance method.
💡 Hint: Consider the nature of how each method calculates depreciation over time.
Solve 1 more question and get performance evaluation
Push your limits with challenges.
Question 1
You have an asset costing $50,000, with a salvage value of $5,000 and a useful life of 10 years. If you’ve been using DDB for 3 years and need to switch to SL, calculate the new depreciation expense for the upcoming year.
💡 Hint: Consider the formulas for both methods and adjust your calculations as needed.
Question 2
A company has a piece of equipment costing $120,000, with a salvage value of $10,000 and a life of 8 years. After 5 years on DDB, it plans to switch to SL. Calculate how this switch impacts its financials.
💡 Hint: Ensure to keep track of all calculations for accurate financial reporting.
Challenge and get performance evaluation