BUSS1030 Study Guide - Final Guide: Income Statement, Income Tax, Accelerated Depreciation
Document Summary
Regulatory presentations (companies) classify expenses according to their nature or function. Revenue, finance costs, share of profits or losses of associates/joint ventures, tax, discontinued operations statement of comprehensive income . Income and expenses from ordinary operations other comprehensive income (non-operating) gains or losses from other activities. Depreciation refers to long-term limited life tangible assets is the cost of a fixed asset consumed during an accounting period. Depreciation is used to calculate net profit amortisation is equivalent concept for intangible assets. The economic life may be shorter than physical life determines the expected useful life of the asset, ends when the cost of operating or holding the asset exceeds the benefit derived from. 3. the estimated residual value of the asset (disposal value) the likely amount to be received on disposal of the asset can be difficult to predict. The cost (or other value) of the asset - the estimated residual value of the asset (disposal value)
