204 pages [122 self-teaching + 82 self-quizzes with detailed answers]
Section 1: Depreciation for book v. tax purposes. Two ways to compute depreciation. Recording depreciation if the financial statements must undergo a compilation or review.
Section 2: Depreciation under GAAP (for book purposes). Determining the cost of an individual asset v. group of assets v. contributed assets under generally accepted accounting principles (GAAP). Determining the asset’s estimated life, residual value and book value. Journal entries for a manufacturing v. nonmanufacturing company. How depreciation appears on the financial statements.
Section 3: The straight-line method. How to compute, allocate and book straight-line depreciation. How to set up and maintain the depreciation schedule using this method.
Section 4: The units of production method. How to compute, allocate and book units of production depreciation. How to set up and maintain the depreciation schedule using this method.
Section 5: The declining balance method. How to compute, allocate and book declining balance depreciation. How to set up and maintain the depreciation schedule using this method.
Section 6: The sum-of-the-years’-digits method. How to compute, allocate and book sum-of-the-years’-digits depreciation. How to set up and maintain the depreciation schedule using this method.
Section 7: Depreciation for tax purposes. How to depreciate equipment and buildings under MACRS. How to apply the half-year convention . . . mid-quarter convention . . . mid-month convention. How to use IRS tables. Applying the Section 179 deduction. How to set up and maintain the tax depreciation schedule.
Section 8: Depreciating vehicles for tax purposes. Annual IRS limits for cars. How IRS limits apply to unmodified SUVs, pickups and vans weighing up to 6,000 lbs. Sec. 179 and depreciation if these vehicles are modified or weigh over 6,000 lbs. How to handle employee personal use of company vehicles in a sole proprietorship, S corp, C corp or partnership. How to set up and maintain the tax depreciation schedule.
Publisher: AIPB
ELIZABETH –
Only complaint I have is that the information keeps changing but I realize that is the govt. and not your fault. Information great and easy to comprehend. Recommend it to anyone in bookkeeping whether you need to know how to depreciate assets or not. At least you would have the opportunity to understand exactly what depreciation is and how it works.
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MOHAMAD –
My reiew was great on the materals presented but more information on other method of depreciation is needed.But I am not sure if that was only requred for the b/keeping requirments. Will be requesting Taxation manuals.
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FRANK –
I feel that I understand Depreciation better now and can communicate with our accounting firm on a higher level than before.
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MARTIN –
A good book going through the various depreciation methods.
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TONY –
Was easy to understand and covered the material could have used a few more examples/questions to assist someone who perhaps does not have an accounting background.
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ALBERT –
Very good
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PAULA –
It has been 9 years, but what I can remember the information covered was good.
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CHRISTY –
I found the course a helpful review tool
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