Bundle: College Accounting, Chapters 1-15, 22nd + Study Guide with Working Papers + CengageNOWv2™, 1 term Printed Access Card
Bundle: College Accounting, Chapters 1-15, 22nd + Study Guide with Working Papers + CengageNOWv2™, 1 term Printed Access Card
22nd Edition
ISBN: 9781337379762
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
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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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