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Accounting 101-Dep

Depreciation notes

QuestionAnswer
What is depreciation? Attempts to measure the decrease in economic benefits of a non-current asset resulting from the use of that NCA during an accounting period
What is the carrying value? The value stated of the NCA in the balance sheet i.e. book value
How is depreciation recorded? DECREASE cash, INCREASE NCA, DECREASE NCA (By its lost value), DECREASE owners equity as an expense by the value of depreciation
What are the ways to allocate depreciation? Straight-line method (Cost price/Carrying value - Residual value), Diminishing value (Opening carrying amount- % of OCA)
Created by: jxul624
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