Depreciation Worksheet
A Grade 10 Math worksheet focusing on understanding and calculating depreciation using various methods.
Includes
Standards
Topics
Depreciation: Financial Literacy
Name:
Date:
Score:
Read each question carefully and provide your answer in the space provided. Show all your work for calculation questions.
1. Which of the following best describes depreciation?
An increase in the value of an asset over time.
The systematic reduction in the value of an asset over its useful life.
The cost of maintaining an asset.
The total amount paid for an asset.
2. Which depreciation method results in a higher depreciation expense in the earlier years of an asset's life?
Straight-line method
Declining balance method
Units of production method
All of the above
3. The original cost of an asset minus its accumulated depreciation is called its value.
4. The value is the estimated residual value of an asset at the end of its useful life.
5. A company purchases a new machine for $50,000. It has an estimated useful life of 5 years and a salvage value of $5,000. Calculate the annual depreciation using the straight-line method.
6. Explain two reasons why assets depreciate over time.
7. The declining balance method always results in a lower total depreciation over the asset's useful life compared to the straight-line method.
True
False
8. Plot the book value of an asset over its useful life using the straight-line depreciation method.
Initial Cost: $10,000, Useful Life: 4 years, Salvage Value: $2,000.
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