Briefly explain the half-year convention for recognizing depreciation
What will be an ideal response?
Answer: The half year convention is a method to compute partial-year depreciation that assumes the firm purchased all fixed assets at the mid-point of the year. The firm records a half year of depreciation for an asset acquired during the year of purchase. The company also records a half-year's depreciation in the final year of the asset's life. For example, for an asset purchased on May 1 with a five-year life, the firm takes a half year of depreciation in year 1 and year 6.
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The term ____________ has been widely used to describe repeated transactions that form a relationship between the buyer and the supplier
a. relational services b. relationship renewal c. relationship justification d. relationship management e. relationship marketing
The length of time the parties live together is sufficient to establish a common law marriage
Indicate whether the statement is true or false