What is depreciation

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