Telegram group: T.me/BBCNOUN [ACC812] ________ through technological change refers to the situation where a new model of the asset, is significantly more efficient or performs additional functions, Obsolescence [ACC812] Many firms also operate their petty cash on a/an _____system. imprest [ACC812] The purpose of a statement of _______ is to enable users of financial statements, such as the owner, to evaluate the financial performance of a business for a given accounting year. profit and loss [ACC812] ______ is the amount allowed off the amount owed by a debtor to encourage the debtor to settle his debt within a stipulated period. Cash discount [ACC812] The _____ of the asset refers to its cost less the aggregate depreciation of the asset since the date of acquisition. WDV [ACC812] The purchase of a non-current asset occurs in _____ year but the revenue generated from its use normally arises over a number of years. one [ACC812] The _____ cash book is used to record the receipt and payment of small amounts of cash. petty [ACC812] The term ______ refers to the amount at which assets are shown in the statement of financial position. Valuation [ACC812] The following are information that are necessary in determining the depreciation value of an asset except ______ the size of the asset [ACC812] In historical cost accounting, non-current assets are valued at their ______ less the aggregate/accumulated depreciation from the date of acquisition to the date of the statement of financial position. historical cost