A business,which has a calendar year accounting period,purchased an asset on March 1,2016.The business disposed of the asset on August 31,2017.For the calendar year 2017,depreciation should be calculated from January 1 to August 31.

Question

Quizplus · Accepted Answer

Depreciation for the year of disposal is calculated from the beginning of the year (January 1) to the date of disposal (August 31) for a business with a calendar year accounting period.

A Business,which Has a Calendar Year Accounting Period,purchased an Asset