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Which of the following best describes the gain or loss on the disposal of a non current asset?
Ans. The correction of forecasting errors when the asset’s useful life and residual values were estimated.
Need help with the problem. Really confused.
If depreciation was completely accurate so that the asset’s net book value was always equal to its sale value, there would be no gain/loss on disposal.
Depreciation depends on estimating residual value and asset life. If these are wrong, there will be a gain or loss on disposal.
Hi Sir
I really need some exam question to practice on my exam is on the 24May 2017.
Kindly advise.
Thanks
Judith
@jujusey
Buy an exam kit from one of the ACCA approved publishers like BPP, Kaplan. There are lots of exam style questions in there which is very helpful.Sir I am giving my Fa2 exam soon i practiced bbp exam kit +Kaplan is it enough to pass or I should try some more questions.
That should be enough – provided you practised properly: no cheating and really trying to understand why mistakes were made!
It’s probably difficult to find more questions anyhow.
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