The process of allocating a plant asset's cost to an expense in the accounting periods that benefit from its use is known as depreciation.
Which approaches to depreciation allocate the cost of long-term assets in relation to time?
Partial-Year Depreciation Allocating depreciation costs according to the number of months an asset is owned in a year is a common strategy.An asset with a five-year useful life, a salvage value of $10,000, and a total cost of $58,000 are two examples.
Straight-line, declining balance, sum of the years' digits, and units of production are the four GAAP-allowable methods for calculating depreciation.
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