accy122 NCA

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Last updated 7:29 AM on 3/2/26
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5 Terms

1
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Four factors which contribute to depreciation of an asset

•Expected usage of the asset.

•Expected wear and tear through physical use.

•Technical and commercial obsolescence.

•Legal or similar limits on the use of an asset.

2
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Useful Life

The period over which an asset is expected to be available for use by an entity.

3
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Residual value is also known as

salvage value or trade‐in value.

4
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Methods of Depreciation

  1. Straight-line method

  2. Diminishing balance method

  3. Sum-of-years-digits method

  4. Units-of-production method


5
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What type of account is ‘Accumulated Depreciation’

Contra-asset