FACC| Latest Study Guide |Final Exam With Verified Answers A+ Graded 2024

FACC| Latest Study Guide |Final Exam With Verified Answers A+ Graded 2024 Capitalize - correct answer record an expenditure as an asset Capital expenditures - correct answer spending to purchase long lived tangible assets How to compute straight line depreciation (per 1 year) - correct answer depreciation expense = (cost - residual value) x 1/useful life Land is not depreciated Record year 2 depreciation - correct answer debit: depreciation expense Credit: accumulated depreciation Income statement for assets & depreciation expenses - correct answer just amortization expense (add depreciations) Income statements for assets and their depreciation - correct answer list assets purchase cost Accumulated amortization: added depreciations