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Which depreciation method is best suited for assets that lose value quickly?
Which depreciation method is best suited for assets that lose value quickly?
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Practice Questions
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Q1
Which depreciation method is best suited for assets that lose value quickly?
Straight-line method
Declining balance method
Units of production method
Sum-of-the-years'-digits method
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The declining balance method is best for assets that lose value quickly as it accelerates depreciation.
Questions & Step-by-step Solutions
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Q
Q: Which depreciation method is best suited for assets that lose value quickly?
Solution:
The declining balance method is best for assets that lose value quickly as it accelerates depreciation.
Steps: 5
Show Steps
Step 1: Understand that depreciation is how we account for the loss of value of an asset over time.
Step 2: Recognize that some assets, like cars or technology, lose value faster than others.
Step 3: Learn about different depreciation methods, such as straight-line and declining balance.
Step 4: Identify that the declining balance method allows for higher depreciation in the early years.
Step 5: Conclude that the declining balance method is best for assets that lose value quickly because it reflects their rapid decrease in worth.
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