An impairment loss is the amount by which the carrying amount of the asset exceeds the sum of the expected
future net cash flows from the use of that asset. (F)
The first step in determining whether an impairment has occurred is to estimate the future net
21.The following is true of depreciation
a. It is not a matter of valuation.
b. It is part of the matching of
revenues and expenses.
c. It retains funds by reducing
income taxes and dividends.
d. All of these.
Which of the follow
Which of following is not a similarity
in the accounting treatment for
depreciation and cost depletion?
a. The estimated life is based on
economic or productive life.
b. Assets subject to either are
classification on the b