The information to be disclosed about office equipment in the financial statements prepared for external reporting includes how many of the following?
.The total number of assets held in the office equipment grouping
.Aggregate cost of office equipment
.Aggregate Accumulated Depreciation of office equipment
.Depreciation rates used or useful lives of office equipment
.Depreciation method used

Question

Quizplus · Accepted Answer

The financial statements prepared for external reporting should disclose the aggregate cost of office equipment, the aggregate accumulated depreciation of office equipment, depreciation rates used or useful lives of office equipment, and the depreciation method used. This makes a total of four pieces of information to be disclosed. Therefore, choice (C) is the correct answer.

The Information to Be Disclosed About Office Equipment in the Financial