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Once the estimated depreciation expense for an asset is calculated: It cannot be changed due to the historical cost principle It may be revised based on new information Any changes are accumulated and recognized when the asset is sold The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes It cannot be changed due to the consistency principle
Once the estimated depreciation expense for an asset is calculated:
-
- It cannot be changed due to the historical cost principle
- It may be revised based on new information
- Any changes are accumulated and recognized when the asset is sold
- The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes
- It cannot be changed due to the consistency principle
Expert Solution
Answer:
b . It may be revised based on new information
Step-by-Step explanation
The expenditure which is reported due to the usage of an asset is depreciation. Once the amount of the expenditure is estimated, it can be revised if some new information is gathered.
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