Wasting Assets do not include : (A) Mines (B) Patents (C) Land and buildings (D) Trade Marks
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The answer is a option A
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Wasting Assets do not include Mines ( Option A is the right answer)
- A wasted asset loses value over time. By calculating depreciation expense for these assets, this drop is recognised in the accounting records. The goal is for the depreciation period to correspond to the same time frame as the valuation drop. Computer equipment, vehicles, and furnishings are a few examples of wasted assets.
- Natural resources like minerals, which lose value as they are used up over time, follow the same principle. This modification is recorded in the accounting records using depletion.
- The idea also applies to all kinds of options; as of the instruments' expiration date, their value is zero. A term life insurance policy follows the same principles.
Hence, Wasting Assets do not include Mines
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