Question

All of the following is required to be disclosed for depreciation EXCEPT:

a) balances of major classes of depreciable assets, by nature or function, at the balance sheet date.

b) accumulated depreciation, either by major classes of depreciable assets or in total, at the balance sheet date

c) a schedule showing residual values and useful lives for major classes of depreciable assets.

d) a general description of the method or methods used in computing depreciation with respect to the major classes of depreciable assets.

Answer 1

The GAAP disclosure requirement for Depreciation are:

Balances of major classes of depreciable assets, by nature or function, at the balance sheet date.

Depreciation expense for the period

Accumulated depreciation, either by major classes of depreciable assets or in total, at the balance sheet date

A general description of the method or methods used in computing depreciation with respect to the major classes of depreciable assets.

A schedule showing residual values and useful lives for major classes of depreciable assets is not a GAAP disclosure requirement.

Option C is correct