College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 5A, Problem 1RQ

List three depreciation methods used for financial reporting.

Expert Solution & Answer
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To determine

List three depreciation methods used for financial reporting.

Explanation of Solution

Depreciation:

Depreciation is a method of reducing the capitalized cost of long-lived operating assets or plant assets for the period the asset is used.

The three depreciation methods that are used for financial reporting are given below:

  • • Straight-line method
  • • Double –declining –balance method
  • • Sum-of-the-year’s-digits

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