Accounting 10, 20, 30
Course Configurations
ACCT31C
Module 31C: Depreciation (Optional)
Outcome
Examine depreciation of fixed assets through journals and fixed asset records.
Indicators
(a) | Describe the function of depreciation as connected to journal entries. |
(b) | Identify accounting concepts, principles, and practices (e.g., historical cost, matching revenue expenses, obsolescence, salvage value, book value) related to fixed assets. |
(c) | Define fixed assets and describe how the amount of depreciation is calculated. |
(d) | Analyze how accounting for depreciation affects fixed assets. |
(e) | Compute the amount of estimated depreciation expense and prepare journal entries using the straight-line method of depreciation for full and partial years. |
(f) | Explore and differentiate methods such as declining- balance, sum-of-the-years digits, production-unit method, and capital cost allowance for calculating depreciation. |
(g) | Prepare journal entries for the disposal of fixed assets which have an accumulated depreciation account, calculating for each situation, disposing for a gain, a loss and at book value. |
(h) | Calculate and record depreciation of fixed assets in a journal and fixed asset records. |
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Accounting 1. Student Workbook
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Century 21 Accounting Multicolumn Journal. Instructor's Resource CD
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Century 21 Accounting Multicolumn Journal. Instructor's Resource Kit
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