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What is depreciation
- What are plant assets, and how do they differ from other assets, such as inventory?
- What is depreciation? What are the three factors used to determine depreciation?
- List the three methods to account for depreciation expenses.
- What is the formula for each depreciation method?
- How would you calculate a partial year of depreciation using the Straight Line Method if you purchased a company car on March 30, 2017?
- How is a change in an estimate of the salvage value and/or useful life of an asset recorded?
- What is the difference between capital expenditures and revenue expenditures?
- What is the difference between ordinary repairs and extraordinary repairs?
- What are the steps to calculate the depletion expense?
- What is an intangible asset, and how is the cost accounted for? Provide an example.