Amortization vs depreciation expense
[DOC File]Table of US GAAP, IFRS and Intermediate Textbook chapters ...
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HOTEL EXPENSE ACCOUNTING. In the accounting terminology, expense is an income statement account representing the cost of items consumed in the process of generating revenue (ex. Cost of Goods Sold) or that expires due to the passage of time (ex. Depreciation Expense). Expense cannot be mixed with expenditure.
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Debit depreciation expense. Credit Accumulated depreciation Chapter 7: Liabilities. 4 gradations of liabilities that companies have: Clear, mature liability: e.g. A/P, note. K obligation not yet due (unrealized), i.e. bilateral executory K. e.g. long-term op lease - must be disclosed in note. Contingent obligation - may never be realized.
[DOC File]EVALUATING THE VALUATION ALLOWANCE
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Depreciation Expense for the Year (b) Assume the company had used straight-line depreciation during 2006 and 2007. During 2008, the company determined that the equipment would be useful to the company for only one more year beyond 2008. Salvage value is estimated at $120,000. Compute the amount of depreciation expense for the 2008 income statement.
[DOC File]Chapter 5: Depreciation - NYU Law
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If expenses are presented by function, additional disclosure is required for the amount of depreciation, amortization and employee benefit expense. This differs from US GAAP, which uses a single-step (expenses are presented by function and total expenses are deducted from total income) or multi-step (calculates gross profit before other income ...
[DOC File]Chapter 11 Depreciation
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Depreciation and Amortization. Depreciation is provided generally on a straight-line basis. Inventories. Inventories are stated generally at cost, which is not in excess of market. The cost of substantially all U.S. inventories is determined by the last-in, first-out (LIFO) method.
Depreciation vs. Amortization: Definitions, Differences and Example…
Depreciation is a systematic and rational way to allocate the cost of long-lived tangible assets over their useful lives. This satisfies the goal of matching costs and revenues. Done because fair values change and are difficult to measure. ( Depreciation—long-lived tangible assets. ( Depletion—natural resources. ( Amortization—intangible ...
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