Declining-balance depreciation method does not use an asset's residual value to calculate depreciation expense.
<h3>What is depreciation?</h3>
- In accountancy, depreciation refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used.
- Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span.
<h3>What does accounting depreciation mean?</h3>
- During the asset's anticipated useful life, depreciation is allocated in order to charge a fair percentage of the depreciable amount in each accounting period.
- Amortization of assets with predetermined useful lives is included in depreciation.
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Answer:
(a) Randy's opportunity cost of mowing lawns = 
= 3
Therefore, 3 trees have to be foregone for mowing 1 lawn.
Randy's opportunity cost of pruning trees = 
= 0.33
Therefore, 0.33 lawns have to be foregone for pruning 1 tree.
(b) Frank's opportunity cost of mowing lawns = 
= 2
Therefore, 2 trees have to be foregone for mowing 1 lawn.
Frank's opportunity cost of pruning trees = 
= 0.50
Therefore, 0.50 lawns have to be foregone for pruning 1 tree.
(c) Frank has a comparative advantage in mowing lawns and Randy has a comparative advantage in pruning trees.
(d) Randy has a absolute advantage in both, mowing lawns and pruning trees.
A change from straight-line depreciation to double-declining-balance depreciation would be reported as a restatement of the prior period statements only.
The term depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life. Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset.
An example of Depreciation – If a delivery truck is purchased by a company with a cost of Rs. 100,000 and the expected usage of the truck are 5 years, the business might depreciate the asset under depreciation expense as Rs. 20,000 every year for a period of 5 years.
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