Acc 1- PPE
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14 Terms
IAS16 defines property, plant and equipment as..
Tangible assets that are held by an entity and are expected to be used during more than one period.
PPE may be held by the entity for 3 reasons. They are:
For use in production or supply of goods or services
For rental to others
For administration purposes
Cash price equivalent is …
The present value of of fututre payment
Depreciation expense is known as …
The allocation of depreciable amount of an asset over its useful life
The formula for the carrying amount of an asset is:
Cost - Accumulated Depreciation
Cost - Residual Value is the formula for?
The depreciable amount
Residual value is the …
Estimated amount the entity would currently obtain from the asset if it were already of age and condition at end of its useful life
Carrying amount represents
Give the formula for the recognition of interest expense.
Interest Expense = Total Payments- Cash Price Equivalent of PPE item