Which of the following must be considered in estimating depreciation on an asset for an accounting period?
A. only the original cost of the asset
B. only the asset’s useful life
C. both the original cost of the asset and its useful life
D. the decline in its fair market value
Answer:C
Which of the following must be considered in estimating depreciation on an asset for an accounting period?
A. only the original cost of the asset B. only the asset’s useful life C. both the original cost of the asset and its useful life D. the decline in its fair market value