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AC301-03_Unit10_ Writing Assignment_Marjorie Bowden

AC301-03_Unit10_ Writing Assignment_Marjorie Bowden - asset...

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AC301-03 Unit 10 Writing Assignment Marjorie Bowden The key concepts that have made me a stronger candidate to enter the business world would be depreciation and depletion of assets within a business. During this course I have learned that a business can depreciate vehicles and equipment that are considered an operational asset in the running of the business. However, a business cannot depreciate land as it does not wear out, and it cannot be considered an expense for the business. There are several methods of depreciation which a business may use. They are: (1) Straight-line, (2) Declining balance, (3) Sum of the year’s digits, & (4) Activity methods. The straight-line method of depreciation is the most common method of depreciation used. However, some accountants would choose to use the other accelerated methods of depreciation for tax purposes. By doing this one can record larger amounts of depreciation in the early years of the
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Unformatted text preview: asset. By doing this it would reduce the businesses tax bills. As an accountant it is also important to check the federal (IRS) and state regulations for rules regarding depreciation, and the method used for calculating the depreciation for the different types of assets being depreciated for a business. By taking this course, previous courses, and the courses to follow, I feel that I am better prepared to enter into the professional accounting world. It has helped me as a student by giving me a better understanding of accounting and the depreciation methods used in accounting. As a person it has enabled me to be able to help some of my friends and family figure the depreciation of equipment that is being used within their small businesses....
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