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Partial-Year Depreciation & Changes in Estimates

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

An item has an original cost of $5,000 and an estimated lifetime of 5 years. Calculate a full-year depreciation.

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1. The full year depreciation of a mobile phone is $450. What is the partial-year depreciation of the item if it was owned for only 4 months?

2. What is the full year depreciation for a car that was purchased for $20,000 with a life expectancy of 20 years?

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About This Quiz & Worksheet

Partial-year depreciation, which actually results in a change of estimated value of some business property, refers to the depreciation of an item for part of the year, and this quiz/worksheet combo will help you test your knowledge on this topic. The questions on the quiz will test you on full-year depreciation, partial-year depreciation, and changes in estimate.

Quiz & Worksheet Goals

In these assessments, you'll be tested on:

  • Your understanding of full-year depreciation
  • Your knowledge of partial-year depreciation
  • Identifying the amount of depreciation
  • Recognizing changes in estimates

Skills Practiced

This quiz and worksheet will allow you to test your skills in the following areas:

  • Reading comprehension - ensure that you draw and retain the most important information on depreciation and changes in estimates from the related lesson on this topic
  • Making connections - use your understanding of the concept of depreciation
  • Problem solving - use your acquired knowledge to solve practice problems involving both full- and partial-year depreciation
  • Information recall - access the knowledge you've gained regarding depreciation and changes in estimates

Additional Learning

To learn more about this topic, review the accompanying lesson on partial-year depreciation and changes in estimates. This lesson covers the following objectives:

  • Define depreciation
  • Differentiate between full- and partial-year depreciation
  • Define changes in estimates
  • Understand how to use these concepts to ensure you're paying the right amount in taxes each year
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