Was Reconstruction a failure? As the bloody Civil War drew to a close‚ the period of reconstruction began to take shape across the states. There were many questions aroused following the war regarding the physical re-building of the nation‚ demobilisation and most importantly what was to replace the pre-war norm of slavery? America’s position on the latter‚ was of course both vague‚ with differing opinions from the North to the South‚ these differences which should have been settled with the outcome
Premium Reconstruction era of the United States American Civil War Emancipation Proclamation
PLANT AND EQUIPMENT OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial costs Subsequent costs MEASUREMENT AT RECOGNITION Elements of cost Measurement of cost MEASUREMENT AFTER RECOGNITION Cost model Revaluation model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Compensation for impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS 1 2–5 6 7–14 11 12–14 15–28 16–22 23–28 29–66 30 31–42 43–62 50–59 60–62
Premium Depreciation International Financial Reporting Standards
1. What are at least four depreciation methods that are available to a company? There is the Activity Method‚ Straight-line Method‚ Sum-of-the-Years’-Digits Method and the Declining-Balance Method. 2. What are the similarities and the differences? The Activity Method‚ which is also known as the variable charge or units of production method. With this method‚ we consider the productivity and not the passage of time. The life of the asset is considered by the output and the input. There
Premium Depreciation
4.1 Understand tax depreciation procedures and the effect of depreciation on the firm’s cash flows. 1) Depreciation deductions‚ like any other business expenses‚ reduce the income that a firm reports on its income statement. Answer: TRUE Diff: 1 Topic: Depreciation Learning Obj.: LG 1 Learning Outcome: F-02 Question Status: Previous Edition AACSB Tag: Analytic Skills 2) Non-cash charges are expenses that involve an actual outlay of cash during the period but are not deducted on the income
Premium Generally Accepted Accounting Principles Cash flow Cash
INTRODUCTION Depreciation expense is an accounting and financial reporting practice‚ used primarily by businesses that pay tax on income. On the income statement‚ this expense appears as a charge against income‚ that is‚ it is subtracted from sales revenues to produce a lower reported income. Over the years and at different periods in time‚ depreciation has meant different things to different people. According to International Accounting Standard (IAS) depreciation is the allocation of the depreciable
Premium Generally Accepted Accounting Principles Depreciation
Depreciation Essay A method of accelerated depreciation‚ in which double the straight-line depreciation amount is taken the first year and then that same percentage‚ is applied to the un-depreciated amount in subsequent years is called double-declining-balance-method. Depreciation methods that provide a higher depreciation charge in the first year of an asset’s life and gradually decreasing charges in subsequent years are called “accelerated depreciation methods”. This may be
Premium Depreciation
Depreciation Methods Depreciation is the accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset. Factors Involved in the Depreciation Process 1. What depreciable base is to be used for the asset? 2. What is the asset’s useful life? 3. What method of cost apportionment is best for the asset? Depreciable Base for the Asset The base established for depreciation is a function
Premium Depreciation
corn. Financial accounting policies and procedures helped to make the statements of each farm’s operations relevant and reliable. The straight-line depreciation method depreciated the oxen‚ farm implements‚ and building over their useful lives. For example‚ the cost of purchasing the oxen divided by their expected life yielded the yearly depreciation amount applied for the oxen. Due to the death of Sihathor’s worker‚ he granted the worker’s widow an annuity of one sack of corn per lunar cycle for
Premium Generally Accepted Accounting Principles Balance sheet Asset
Task 1 i. After knee surgery‚ your trainer tells you to return to your jogging program slowly. He suggests jogging for 12 minute each day for the first week. Each week thereafter‚ he suggests that you increase that time by 6 minutes per day. How many weeks will it be before you are up to jogging 60 minutes per day? Solution: (12‚ 18‚ 24‚ 30…… 60) T1 = 12‚ T2 = 18‚ T3=24‚ T4 = 30‚ Tn = 60 T2 – T1 = T3 – T2 18 – 12 = 24 – 18 6 = 6 This above is arithemetic sequence. Common
Premium Depreciation
straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Prepare the journal entry to record the sale. Assuming the company’s year end is March 31. Depreciation for 2007-08: ((80000-5000)/5) X 9/12 = 11250 Depreciation for 2008-09: ((80000-5000)/5) = 15000 Depreciation for 2009-10: ((80000-5000)/5) = 15000 Depreciation for 2010-11: ((80000-5000)/5) = 15000 Total Depreciation 46250 Carrying
Premium Depreciation 1920