The straight-line method of depreciation (SLM) is used for fixed assets or resources whose utility is similarly spread across the... View Article
As indicated by the straight-line depreciation technique, the expense of the resource is discounted similarly during its valuable life. Subsequently,... View Article
Depreciation or deterioration cost is written down from the actual value of the asset, the worth of a fixed value... View Article
Depreciation is charged on the debit side of the balance sheet as it decreases the value of the asset over... View Article
Depreciation or deterioration cost is recorded to apportion expenses for the period in which a resource is utilized. The journal... View Article
The journal entry for fixed assets is as below: DATE PARTICULARS DEBIT CREDIT XXXX Furniture and fixtures account….Dr. XXX To... View Article
Depreciation is anything but an asset since the balances recorded in the accounts don’t address something that will create monetary... View Article
The balance sheet of a business shows the worth of the resources of the business against the worth of the... View Article
In accounting, a depreciation account is a debit balance since it is an expense. And an offset to this is... View Article
According to accounting terms, depreciation is characterized as the decrease of the recorded expense of a fixed asset or resource... View Article
The journal entry for straight-line depreciation method is: DATE PARTICULARS DEBIT CREDIT XXXX Fixed assets – machinery account………………Dr. XXX To... View Article
A trial balance is a report run toward the finish of a bookkeeping period, posting the closure balance in each... View Article
One can prepare a trial balance by following the steps mentioned below: Determine the balance of each accounting ledger. Prepare... View Article
Bank reconciliation statements guarantee payments have been handled and cash assortments have been kept in the bank. The reconciliation statement... View Article
Customer’s cheques that were deposited but are now being returned because of insufficient funds. Bank fees or service charges for... View Article
The following steps can help one to prepare a bank reconciliation statement. Identify any uncleared dues. Compare both the debit... View Article
The journal entry for the bank expenses would charge bank service charges and credit cash. The journal entry for a... View Article
A reconciling item is a contrast between balances from two sources that are being looked at. These things are expressed... View Article
A monthly reconciliation statement assists with getting and distinguishing any uncommon and unusual exchanges that may be brought about by... View Article
The main contrast between depletion and amortization is that depletion manages actual property or physical property like land, buildings, and... View Article
