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

Question

Quizplus · Accepted Answer

The financial statements 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. Therefore, the answer is 4. Disclosure of the total number of assets held in the office equipment grouping is not required.

The Information to Be Disclosed About Office Equipment in the Financial