Test your knowledge of depreciation by answering the 10 short questions given below. We recommend attempting to answer each question yourself before revealing the answer.
If you find these questions challenging, read our article on depreciation to learn more and get to grips with this important accounting topic.
State three objectives of providing depreciation.
What methods are available for calculating depreciation?
What is scrap value?
What is depletion?
What is amortization?
What are tangible plant assets?
What are intangible assets?
What is the original cost method of depreciation?
Explain the diminishing balance method of depreciation.
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.