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All main topics / Accounting / General

Chapter 7 (6 Cards)

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1
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What is the Journal entry for Depreciation?
Dep expense  XXXX
      Accumulated Dep.  XXXX
2
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What are the three depreciation methods?
Straight-line
Units-of-production
Declining-balance
3
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How does the Units of Production method to calculate depreciation work?
4
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How does the double declining balance method work?
100% / useful life = straight line rate

straight line rate * 2 = Double declining balance rate

Dep expense = Double declining balance rate * Beginning period Book Value
5
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How are natural resources reported?
Cost - accumulated dep.
6
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How do you compute depletion expense?
Flashcard set info:
Author: savhighsmith
Main topic: Accounting
Topic: General
School / Univ.: UGA
City: Athens
Published: 31.03.2010
Tags: Swati Bhandarkar
 
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