81) Book value is determined by subtracting the salvage value from the cost of an asset. 82) The terms residual value and carrying value are synonymous. 83) Double-declining-balance depreciation...

81) Book value is determined by subtracting the salvage value from the cost of an asset.

82) The terms
residual value
and
carrying value
are synonymous.

83) Double-declining-balance depreciation computes annual depreciation by multiplying the asset's carrying value by two times the straight-line rate.

84) Regardless of the method of depreciation used, accumulated depreciation will be the same when the asset is fully amortized.

85) Depreciation is calculated using full years only.

86) Depreciation typically affects income taxes.

87) An assets useful life can be subsequently revised requiring a recalculation of depreciation.

88) A change in useful life estimate is very common in Canada.

89) Most companies use an accelerated depreciation method for income tax and financial statement purposes.

90) IFRS requires significant components of a building to be depreciated separately.