Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-Bookkeeping begins with the preparation of a chart of accounts.

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-Bookkeeping begins with the preparation of a chart of accounts.

Quizplus · Accepted Answer

A chart of accounts is a foundational tool in bookkeeping that organizes all financial transactions into categories, making it easier to record and track financial activities.

Cost of the Asset$100,000