All about Depreciation in Accounting

1. What is depreciation expense?

2. What is a journal entry?
3. What is accumulated depreciation?
4. What is scrap value?
5. What is the cost principle?
6. What is a noncash expense?
7. Why is Accumulated Depreciation an asset account?
8. What is illusory profit?
9. How do you calculate an asset's salvage value?
10.Why is it necessary to allocate a lump sum payment to individual
items?
11.Where does the purchase of equipment show up on a profit and loss
statement?
12.What is the net book value of a noncurrent asset?
13.What is depreciation?
14.Are depreciation, depletion and amortization similar?
15.How do you divide the cost of real estate into land and building?
16.What is the difference between residual value, salvage value, and
scrap value?
17.What is an impairment?
18.What are the accounting entries for a fully depreciated car?
19.What is the entry to remove equipment that is sold before it is fully
depreciated?
20.What is a contra asset account?
21.What is depreciation expense?
22.What is a journal entry?
23.What is accumulated depreciation?
24.What is scrap value?
25.What is the cost principle?
26.What is a noncash expense?
27.Why is Accumulated Depreciation an asset account?
28.What is illusory profit?
29.How do you calculate an asset's salvage value?
30.Why is it necessary to allocate a lump sum payment to individual
items?
31.Where does the purchase of equipment show up on a profit and loss
statement?
32.What is the net book value of a noncurrent asset?
33.What is depreciation?
34.Are depreciation, depletion and amortization similar?

35.How do you divide the cost of real estate into land and building?
36.What is the difference between residual value, salvage value, and
scrap value?
37.What is an impairment?
38.What are the accounting entries for a fully depreciated car?
39.What is the entry to remove equipment that is sold before it is fully
depreciated?
40.What is a contra asset account?
41.How do I record exterior cement work? Is it an asset or an expense?
42.What is the difference between reserve and allowance?
43.If cash and a note are exchanged for a plant asset, is the amount of
the note used in the depreciation calculation?
44.How does the purchase of a new machine affect the profit and loss
statement?
45.How much do you depreciate an asset and when?
46.Why would the cost behavior change outside of the relevant range of
activity?
47.Is it acceptable for companies to use two methods of depreciation?
48.Are income taxes affected by accelerated depreciation?
49.Are repairs to office equipment an expense?
50.Why is depreciation on the income statement different from the
depreciation on the balance sheet?
51.What entry is made when selling a fixed asset?
52.Is the cost of land, buildings, and machinery a fixed cost?
53.How do I calculate depreciation using the sum of the years' digits?
54.Is depreciation a source of funds?
55.What are the effects of depreciation?
56.How do you account for a project under construction?
57.What is the difference between reserve and provision?
58.What is net of accumulated amortization?
59.How do I compute the units of production method of depreciation?
60.What is the difference between the terms capitalize and depreciate?
61.How do you calculate the gain or loss when an asset is sold?
62.How many years is the appropriate time for depreciating leasehold
improvements?
63.How are fully depreciated assets reported on the balance sheet?
64.Kindly illustrate various depreciation methods.
65.What is capitalized interest?
66.What causes a reduction in Accumulated Depreciation?
67.What would cause a decrease in accumulated depreciation?
68.Does a company have to use the IRS years of useful life for
depreciation?
69.What is the accounting journal entry for depreciation?

70.What does amortization mean?

71.What is the purpose of depreciation?
72.What is the difference between book depreciation and tax
depreciation?
73.Is depreciation expense an administrative expense?
74.What does Accumulated Depreciation tell us?
75.What is book value?
76.What is the accounting treatment for an asset that is fully
depreciated, but continues to be used in a business?

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