Asked by Julie David on Jun 15, 2024

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Revising depreciation estimates affects the amounts of depreciation expense recorded in past periods.

Revising Depreciation Estimates

Adjusting the period or method used for depreciating a fixed asset due to changes in its expected useful life or salvage value.

Past Periods

Previous time frames or accounting periods, which have already concluded and for which financial statements are typically finalized.

  • Gain insight into the notion and mechanics of depreciation, covering the methodologies and calculation procedures.
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Maria HernandezJun 21, 2024
Final Answer :
False
Explanation :
Revising depreciation estimates affects the depreciation expense in current and future periods, not past periods. Past financial statements are not retroactively adjusted for changes in depreciation estimates.